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Title: No Chance of Default, US Can Print Money: Greenspan (falls victim to "irrational exuberance")
Source:
CNBC
URL Source: http://www.cnbc.com/id/44051683
Published: Aug 7, 2011
Author: Patrick Allen
Post Date: 2011-08-07 19:48:33 by Hondo68
Keywords: crisis that unnerved investors, about the euro zone, S&P thing hit a nerve
Views: 5209
Comments: 11
"What I think the S&P thing did was to hit a nerve that there's something basically bad going on, and it's hit the self-esteem of the United States, the psyche" said Greenspan Austan Goolsbee, the chairman of the White House's council of economic advisors, hit out at S&P on the same show, insisting the credit ratings agency had got its math wrong. "Well, the basic case is they made a $2 trillion math error and forgot to check their work," he said. "So rating agencies that didn't make a $2 trillion math error reaffirmed the AAA status. You saw Warren Buffet say that, if they had a AAAA, he would put U.S. Treasurys in AAAA status." Following the decision to downgrade America's credit rating, the head of sovereign ratings at S&P, David Beers, said the Obama administrations analysis of the move was a complete "misrepresentation." Greenspan said the current sense of crisis that has unnerved investors is about the euro zone, not the US. 'The United States was actually doing relatively well, sluggish but going forward until Italy ran into trouble," he said. "That destabilized the European system, and the crisis re-emerged. Europe is very critical to the United States in the sense not only do we have a fourth of our experts there, but more importantly, significant proportion of the foreign affiliate profits, in fact half of U.S. corporations, are in Europe." "When Italy showed signs of significant weakness in selling its bonds—the yield is now over 6 percent, which is an unsustainable level—it created a massive problem within Europe because Italy is a very large country, cannot be easily bailed out and, indeed, cannot be bailed out," Greenspan added.
Poster Comment: 
"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press 
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#4. To: hondo68 (#0)
Red China says they want the world to dump the dollar. How about we print up a bunch of blue dollars and pay the commie suckers off. I mean they are suckers they produce goods for us and we give them paper with ink on it. Then once we give them those blue dollars we should make them illegal to use in the United States. It is way past time to acknowledge that China is no friend of ours. We should also point half of our nukes at their country and brag about it.
Dude, America is the one living beyond its means. No, capitalist China does not want to "dump" the dollar. They hold a TRILLION dollars in U.S. debt. They want to be paid back. Like all creditors, they are rattling their sabers, so they can get paid back. Have you ever got a call from a collection company??? Same thing. You can hate China all you and I don't care. The REALITY is that the U.S. government is at fault here. We have to put our own house in order. We can't blame others for our own misconduct. Unless patriotic people like YOU understand this, we are truly doomed.
The REALITY is that the American people are expected to enslave themselves for an artificial system. The individuals that have to go work to pay off this illusion didn't get us in that boat. In REALITY they don't owe shit. Congress only has authority for 2 years. What they did is unconstitutional,illegal, bullshit and their fault not the American peoples. So print the blue money then hang up on them as you would a collection agent. It is an illusion to keep you enslaved.
Somebody voted for the azzholes who got us into this! Retarded D's and R's are to blame, end of story.
Yes, but ultimately it is artificial entity. No one can control it, even the President. What we have right now isn't the constitution we have a bastardized twisted version of the great document.
#11. To: A K A Stone (#10)
The election system is corrupt all the way from the electoral college down to your local polling place. Pro-American candidates don't make it on the ballot, or if they do are attacked by both parties and the media. So why do you seem to believe that things can be fixed by voting? That's not a viable solution. Onward to plan B... A Constitutional Convention, or as you suggest Constitutional amendments initiated in congress. The CC has the advantage of being a less centralized process... it's not based in Wash. DC. It's a States thing, totally independent of the federal government. IMO, no good amendment is going to get past congress. Better to have the States run the show in a Continental Congress.
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#5. To: A K A Stone (#4)
Red China says they want the world to dump the dollar.
#6. To: jwpegler (#5)
The REALITY is that the U.S. government is at fault here.
#9. To: A K A Stone (#6)
(Edited)
The individuals that have to go work to pay off this illusion didn't get us in that boat.
#10. To: hondo68 (#9)
Somebody voted for the azzholes who got us into this! Retarded D's and R's are to blame, end of story.
Replies to Comment # 10. Yes, but ultimately it is artificial entity. No one can control it, even the President.
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