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Title: Even Donald Trump Is Warning That An Economic Collapse Is Coming
Source:
The Economic Collapse
URL Source: http://theeconomiccollapseblog.com/ ... an-economic-collapse-is-coming
Published: Feb 3, 2011
Author: The Economic Collapse
Post Date: 2011-02-03 11:20:43 by Hondo68
Keywords: Federal Reserve, taking advantage of us, sold off piece by piece
Views: 13350
Comments: 25
Trump says that the U.S. government is broke, that all of our jobs are being shipped overseas, that other nations are heavily taking advantage of us and that the value of the U.S. dollar is being destroyed. The following interview with Trump was originally posted on Newsmax and it is really worth watching.... Now, you may or may not think much of Donald Trump as a politician, but when a businessman of his caliber starts using apocalyptic language to describe where the U.S. economy is headed perhaps we should all pay attention. The following are 12 key quotes that were pulled out of Trump's new interview along with some facts and statistics that show that what Trump is saying is really happening. #1 "If oil prices are allowed to inflate and keep inflating, if the dollar keeps going down in value, I think there’s a very distinct possibility that things could get worse." Donald Trump is exactly right - we are headed for big trouble if we continue to allow the Federal Reserve to pump hundreds of billions of new dollars into the system. As I have written about previously, all of this new money will give us the illusion of short-term economic growth and it will pump up the stock market, but in the end all of the inflation the new money is gong to cause is going to be very painful. Just look at how rapidly M1 has been skyrocketing over the last couple of years. Is there any way that we are going to be able to avoid paying a very serious price for all of this reckless money printing?.... Already all of this money printing has had a very serious affect on world financial markets. The price of agricultural commodities is skyrocketing and the price of oil has almost reached $100 a barrel once again. The last time that the price of oil soared above $100 a barrel was in the early part of 2008, and we all remember the horrific financial collapse that followed in the fall of 2008. #2 "....you’re going to pay $25 for a loaf of bread pretty soon. Look at what’s happening with our food prices. They’re going through the roof. We could end up being another Egypt. You could have riots in our streets also." The price of corn has risen 88 percent over the past year and the price of wheat has soared a whopping 114 percent over the past year. Let's hope that we don't have to pay $25 for a loaf of bread in the United States any time soon, but in some areas of the world that is what it now feels like. Approximately 3 billion people in the world today live on the equivalent of $2 a day or less, and most of that money ends up getting spent on food. When food prices go up 10 or 20 percent in deeply impoverished areas of the globe, suddenly the lives of millions are threatened. The riots that we have seen in Egypt, Algeria, Tunisia and other nations recently were not entirely caused by rising food prices, but they were certainly a big factor. #3 "I think gold will go up as long as people don’t have confidence in our president and our country. And they don’t have confidence in our president." Investors run to gold and other precious metals when they don't feel secure. We saw that happen a lot in 2010. As confidence in the paper currencies and the financial systems of the world has rapidly diminished, precious metals have become increasingly attractive. In fact, the price of gold has doubled since the beginning of the economic downturn in 2007. As the global financial situation continues to become more unstable, the demand for precious metals is likely only going to become more intense. #4 "The banks have really let us down. Number one, they did some bad things and caused some bad problems. Number two, if you have something that you want to buy, like a house, they’re generally not there for you." Banks were given massive bailouts with the understanding that they would open up the vaults and start lending money to average Americans again. Well, that has not happened. In particular, it has become much, much harder to get a mortgage in the United States today. Not that the big banks didn't need to make changes to their lending practices, but things have gotten so tight now that it is choking the real estate market to death. #5 "I see $3.50 for a gallon of gas for cars, and cars are lined up trying to get it and it’s $3.50. It’s a shame, a ridiculous shame." Our lack of a cohesive energy policy is a national disgrace. There is no way in the world that a gallon of gas should be $3.50 a gallon. The U.S. has massive reserves of oil and natural gas that it should be using. In addition, the lack of progress on developing alternative energy sources in light of our sickening dependence on foreign oil is very puzzling. We should be very far along towards solving our energy problems by this point. Meanwhile, we keep pouring billions into the pockets of foreign oil barons every single month. Unfortunately, Trump was exactly correct in the interview - if something is not done the price of gas is going to keep going higher. #6 "I think the biggest threat is that our jobs are being stolen by other countries. We’re not going to have any jobs here pretty soon." Donal Trump is one of the few prominent leaders that is openly speaking the truth about the predatory economic practices of some of our "trading partners". Most of our politicians have just kept endlessly promising us that free trade is "good for us" even as tens of thousands of factories and millions upon millions of jobs have been shipped overseas. Back in 1970, 25 percent of all jobs in the United States were manufacturing jobs. Today, only 9 percent of the jobs in the United States are manufacturing jobs. Yes, computers and robots have replaced a lot of manual labor today, but technology does not account for most of the decline we have seen in manufacturing. n 1959, manufacturing represented 28 percent of all U.S. economic output. In 2008, it represented only 11.5 percent. Meanwhile, manufacturing in the "developing world" has absolutely exploded. #7 "We're like a whipping post for other countries. We are standing there and just being beaten by South Korea, by Mexico, by China, by India." Most Americans have absolutely no idea how lopsided many of our "trade agreements" actually are. Other nations openly manipulate their currencies in order to keep their exports dirt cheap and we allow it. Other nations openly subsidize their domestic industries that are directly competing with businesses in the United States and we don't complain. Other nations make it incredibly difficult for American companies to do business in their countries while we allow foreign corporations to come on in and do pretty much whatever they want here. Then there are certain nations (such as China) that brazenly rip off trade secrets from foreign corporations time after time after time and never get penalized for it. Meanwhile, our economy continues to bleed jobs at a staggering pace. The number of net jobs gained by the U.S. economy during this past decade was smaller than during any other decade since World War 2. Fortunately, more Americans than ever seem to be waking up and are realizing that globalism is causing many of these problems. A NBC News/Wall Street Journal poll conducted last year discovered that 69 percent of Americans now believe that free trade agreements have cost America jobs. #8 "All of our jobs are going to China. We’re rebuilding China and other places." China is doing great. China is now the number one producer in the world of wind and solar power. They now possess the fastest supercomputer on the entire globe. China also now has the world's fastest train and the world's biggest high-speed rail network. Most Americans don't realize that China is literally kicking the crap out of us. Back in 1998, the United States had 25 percent of the world’s high-tech export market and China had just 10 percent. Ten years later, the United States had less than 15 percent and China's share had soared to 20 percent. Every single month we buy about 4 times as much stuff from them as they buy from us. Our trade deficit with China has ballooned to enormous proportions. In fact, the U.S. trade deficit with China during this past August was more than 4,600 times larger than the U.S. trade deficit with China was for the entire year of 1985. So when Donald Trump says that we are rebuilding China he is not joking around. Nobel economist Robert W. Fogel of the University of Chicago is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040 if current trends continue. Yes, that is how serious things have become. #9 "We are a laughingstock throughout the world." Donald Trump has said on several occasions that his friends and business partners in China just laugh and laugh at us. They can't even believe what they are getting away with. We have become an incompetent giant that is the butt of all the jokes. According to Stanford University economics professor Ed Lazear, if the U.S. economy and the Chinese economy continue to grow at current rates, the average Chinese citizen will be wealthier than the average American citizen in just 30 years. Our formerly great industrial cities are slowly becoming ghost towns. The number of long-term unemployed Americans is at an all-time high. Tens of millions of Americans can't even survive without government assistance anymore. The number of Americans on food stamps set a new all-time record every single month during 2010, and now well over 43 million Americans are enrolled in the program. We really have become a joke. #10 "The federal government has no money." Unfortunately, our federal government has continued to borrow and spend like there is no tomorrow. According to the Congressional Budget Office, the U.S. government will have the biggest budget deficit ever recorded (approximately 1.5 trillion dollars) this year. So much for fiscal discipline, eh? It is being projected that the U.S. national debt will increase by $150,000 per U.S. household between 2009 and 2021. Do you have an extra $150,000 to contribute for your share? By 2015 our national debt will be somewhere in the neighborhood of 20 trillion dollars. It is the biggest mountain of debt in the history of the world by far, and it is the gift that we are going to pass down to future generations of Americans. If there are any future generations of Americans. #11 "I hate what is happening to this country." We should all hate what is happening to this country. Our economic guts are being ripped out, we are being abused by the rest of the world, America's infrastructure is being sold off piece by piece, our federal government is drowning in debt, our state governments are drowning in debt and our local governments are drowning in debt. The only way we can even keep going is to run around to the rest of the world and beg them to keep lending us more money. The mainstream media keeps proclaiming that we are the greatest economy on earth, but the truth is that we are being transformed into a pathetic loser and our politicians are just standing there with their hands in their pockets letting it happen. All red-blooded Americans should be horrified by what is happening to this nation. We have been betrayed by corrupt and incompetent leaders. As a nation, we have become fat, lazy and stupid. Hopefully what Donald Trump and others are saying about a coming economic collapse will serve as a huge wake up call and the sleeping giant will arise once again. If the sleeping giant does not arise, we are in a massive amount of trouble, because right now the road we are on is leading to the biggest economic collapse the world has ever seen.
Poster Comment: Donald Trump/Rand Paul 2012!
In a shocking new interview, Donald Trump has gone farther than he ever has before in discussing a potential economic collapse in America. Using phrases such as "you’re going to pay $25 for a loaf of bread pretty soon" and "we could end up being another Egypt", Trump explained to Newsmax that he is incredibly concerned about the direction our economy is headed. Whatever you may think of Donald Trump on a personal level, it is undeniable that he has been extremely successful in business. As one of the most prominent businessmen in America, he is absolutely horrified about what is happening to this nation. In fact, he is so disturbed about the direction that this country is heading that he is seriously considering running for president in 2012. But whether he decides to run in 2012 or not, what Trump is now saying about the U.S. economy should be a huge wake up call for all of us. 
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#1. To: hondo68 (#0)
Very true, but if a miracle occurs and the GOP actually does push hard for substantial spending cuts then we'll buy some time until the Obamunists can get the boot in 2012.
if there's anyone who knows about economic collapse, it's Donald Trump. How many times has he gone bankrupt now?
Since January 3, 2011, Republicans have controlled the power of the purse.
Did we suddenly stop selling bonds? Did I miss something? Or are we easily selling bonds because people have no faith in our ability to pay?
Since January 3, 2011, Republicans have controlled the power of the purse.
We're selling short term bonds to countries who are cashing in other short term U.S. debt, which mature is a year or less. No one is buying long-term government bonds any longer. Short-term bonds are going to be a huge problem when interest rates start increase. We won't be able to afford to pay the interest.
You might want to double check that: Again, if the world thinks the U.S. government is about to crash, they have a funny way of showing it.
Since January 3, 2011, Republicans have controlled the power of the purse.
We have a $14 trillion debt that gets turned over and added to every year. $72 billion is squat.
Those must be the Republican Tea Partiers because they don't America should invest in infrastructure and education like China is. Heck, if we cut taxes to the rich some more America will surely surpass China and the private sector will finally be happy with America and invest in jobs here........
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
America spends more money on education per capita than any country except Switzerland. We also spend more as a percentage of GDP on education than most of the 30 or so developed countries that outperform us in math and science test scores. Unless tenure is eliminated and principals are allowed to fire bad teachers, we can throw all of the money in the world at the public schools and not get any different result.
The other first world nations have centralized education. Stupid conservatives want to decentralize education. See it's simple economics. When you centralized things like education you get economy of scale and uniform curriculum is cheap to pull off. America's decentralized system has a multiplicity of schools systems, each with their own curriculum and standards ordering different text books, using different testing systems, etc. Conservative ideology, as it applied to educational theory, is expensive and lags in results.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
They also fire their bad teachers. China even imprisons government employees that do a poor job. We, on the other hand throw money at lazy bureaucrats. That's the problem.
OK, have I not been advocating on here since I joined we should do what these other nations are doing? Following the examples of these nations in Europe the American right wing tend to call 'socialist'??? I mean you did just realize you are repeating what I have been arguing on here since day one.....that we Americans should copy the European 'socialist' models? It sounds like you are arguing with me while agreeing with me. LOL!
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
No, you've argued that big government is great are markets are bad. That's what you've argued. It's wrong.
The confusion is yours because all those nations that are beating America education wise - and that you hold up as examples - don't have limited govt education,,,,,,,
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
You're not listening at all as usual. China jails bureaucrats that don't do their jobs. America gives them guaranteed lifetime employment (called "tenure"). That's the problem with the schools. PERIOD.
You are not listening. All advanced nations on earth have centralized education, standardized curiculum and textbooks. You seem to think terror is what makes the Chinese do well in school? Finland is one of the leading nations in terms of educational results. You think the Fins shoot teachers?
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Only if you combine spending on college and K-12. If you just look at K-12, the UK, Switzerland, Sweden, New Zealand, South Korea, Iceland, Denmark and Belgium spend more than the U.S. among western countries (Austria spends the same). See: http://nces.ed.gov/programs/coe/2010/section4/table-ifn-1.asp
Since January 3, 2011, Republicans have controlled the power of the purse.
American conservatives know America has an education problem but their ideology of smaller govt has them flailing to come up with a justification why they should not increase spending on education or centralize education and take it away from the states. So they spend a great deal of time with self serving arguments. Here is what they can't accept because it lays bare the failure of their ideology. Even if we gutted the current American system and remade it into the ideal conservative Republican way - it would be a failure. No advanced nation on earth has the conservative Republican ideal on education run as a decentralized educational system where each state and each county in that state has separate school boards each with their own version of history and curriculum.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
That was the US education system prior to the Sputnik Crisis. It was a Republican who tried to change that and he actually began to succeed in getting science funded and textbooks updated.
Holy smokes! Your not even capable of reading your own graph! No wonder why numbers confuse you. Expenditures per student -> Elementary and secondary: Luxembourg - 15,440 The U.S. spends more than all but 3 countries on primary and secondary education per student.
In post #8 you claimed "America spends more money on education per capita than any country except Switzerland." Once that was shown to be false you've now changed to pure "expenditures per student" without regard for GDP. Interesting.
Since January 3, 2011, Republicans have controlled the power of the purse.
My assertion was always per student. I've posted that data before. I chose a poor term. But I also stated that we spend more as a percentage of GDP than MOST of the 30 or so countries that beat us in math and science test scores. We're spending plenty of money. The problem is that the system is corrupt and needs to be reformed.
Fair enough. How do you see the reform going? Because if you are thinking of reforming America's educational system along classical state's rights, small govt, reforms then you are advocating for a system NO ADVANCED NATION ON EARTH uses to educate their children with. Every advanced nation on earth that you can think of has a centralized and standardized system which is the antithesis of the American conservative's ideology.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Reformed? By who? Isn't your answer to simply let local school districts do whatever they want, results be damned? What's it your concern if a school district in say Alabama turns out illiterate children or children who believe that everything that happens around them is simply an act of God? Surely you aren't advocating imposing your views on education on other states/localities now are you?
Since January 3, 2011, Republicans have controlled the power of the purse.
An act of god? Here's a great story. Back in the 80's, there was an article in the Detroit Free Press about the failures of the public school system. One NEA official had a very creative answer. The fallout from nuclear bomb testing fell on kids heads so they can't learn. He honestly said that. It's so very interesting that radiation didn't fall on the heads of private school students. Perhaps they were all wearing tin foil hats! The NEA refuses to take any responsibly for their failures. They should be de- certified, all tenure should be revoked, and bad teachers should get fired.
Lowering the abilities of ALL Americans to work by failing to teach them the basic skills they need, to have a chance, is a threat to the country, as a whole. As to imposing flawed policies on other states or localities, that's what the FEDERAL government already does. You're socialist agenda will FAIL.
Only an opium-smoking FOOL would think that when you've maxed out your credit cards, and can no longer make minimum payments, that raising the limits on the credit is a good idea. Either that, or you're a socialist ass-hat, who thinks "There will be no more money when the U.S. dollar has no value, until that time we can keep printing more." And yes, that IS from LF's answer to Ben Bernanke, go65, our disfunctional, delusional socialist of the forum.
"I think gold will go up as long as people don’t have confidence in our president and our country. And they don’t have confidence in our president."
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. -- Winston Churchill
#2. To: jwpegler (#1)
#3. To: hondo68 (#1)
"I think gold will go up as long as people don’t have confidence in our president and our country. And they don’t have confidence in our president."
#4. To: go65 (#3)
Or are we easily selling bonds because people have no faith in our ability to pay?
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. -- Winston Churchill
#5. To: jwpegler (#4)
We're selling short term bonds to countries who are cashing in other short term U.S. debt, which mature is a year or less. No one is buying long-term government bonds any longer. Short-term bonds are going to be a huge problem when interest rates start increase.
http://www.bloomberg.com/news/2011-02-02/u-s-treasury-will-sell-72-billion-in-long-term-securities-this-quarter.html
The Treasury today said it plans to sell $72 billion in long-term debt next week, in line with the median forecast in a Bloomberg News survey of bond dealers. The department’s quarterly auctions will consist of $32 billion in three-year notes on Feb. 8, $24 billion in 10-year notes Feb. 9 and $16 billion in 30-year bonds Feb. 10.
#6. To: go65 (#5)
The Treasury today said it plans to sell $72 billion in long-term debt next week,
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. -- Winston Churchill
#7. To: hondo68, jwpegler, go65 (#0)
Most Americans don't realize that China is literally kicking the crap out of us.
#8. To: Godwinson, go65, captialist eric (#7)
they don't America should invest in infrastructure and education like China is
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#9. To: jwpegler, go65, captialist eric (#8)
America spends more money on education per capita than any country except Switzerland. We also spend more as a percentage of GDP on education than most of the 30 or so developed countries that outperform us in math and science test scores.
#10. To: Godwinson (#9)
The other first world nations have centralized education.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#11. To: jwpegler (#10)
(Edited)
They also fire their bad teachers. China even imprisons government employees that do a poor job. We, on the other hand throw money at lazy bureaucrats. That's the problem.
#12. To: Godwinson (#11)
have I not been advocating on here since I joined we should do what these other nations are doing?
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#13. To: jwpegler (#12)
#14. To: Godwinson (#13)
(Edited)
all those nations that are beating America education wise
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#15. To: jwpegler (#14)
#16. To: jwpegler, godwinson, capitalist eric (#8)
America spends more money on education per capita than any country except Switzerland. We also spend more as a percentage of GDP on education than most of the 30 or so developed countries that outperform us in math and science test scores.
#17. To: go65, jwpegler, capitalist eric (#16)
(Edited)
Only if you combine spending on college and K-12. If you just look at K-12, the UK, Switzerland, Sweden, New Zealand, South Korea, Iceland, Denmark and Belgium spend more than the U.S. among western countries (Austria spends the same).
#18. To: Godwinson (#17)
No advanced nation on earth has the conservative Republican ideal on education run as a decentralized educational system where each state and each county in that state has separate school boards each with their own version of history and curriculum.
#19. To: go65 (#16)
if you just look at K-12, the UK, Switzerland, Sweden, New Zealand, South Korea, Iceland, Denmark and Belgium spend more than the U.S. among western countries
Switzerland - 11,129
Norway - 10,448
United States - 10,267
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#20. To: jwpegler (#19)
The U.S. spends more than all but 3 countries on primary and secondary education per student.
#21. To: go65 (#20)
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#22. To: jwpegler, go65 (#21)
We're spending plenty of money. The problem is that the system is corrupt and needs to be reformed.
#23. To: jwpegler (#21)
(Edited)
We're spending plenty of money. The problem is that the system is corrupt and needs to be reformed.
#24. To: go65 (#23)
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#25. To: go65, jwpegler (#23)
What's it your concern if a school district in say Alabama turns out illiterate children or children who believe that everything that happens around them is simply an act of God? Surely you aren't advocating imposing your views on education on other states/localities now are you?
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