Dollar to Be 'Discarded' by World: China Rating Agency

I feel really out of the loop but I don't understand all of this. I keep hearing that this is so bad and I believe it is but honestly I keep thinking is our faith in the US dollar or JESUS CHRIST? Not trying to be flippant just not seeing the bigger picture in all this yet maybe??

God Bless
maryjane

Excess and unnecessary luxury and wants, has lead may western nations into debt.

Which also means, others who live in abject poverty in other nations, will be even worse off.

If we don't use our money to help spread the gospel and reach the world, then why should we have it?

What we sow, we reap.

krispy,

does this really have nothing to do with the $6,000,000,000,000 that bush added to the national debt? And the deregulation allowed by the commodity futures modernization act, signed by bush? What about the process started by carter, reagan, bush, and clinton before him? There's plenty of blame to go around.

One may disagree with how obama has handled the situation, but he was given a worthless hand to begin with. No one could have made good with the mess he inherited.

A while back I came across George Washington's Farewell Address. I may have heard it mentioned before but I don't think I had ever read it myself.

I was impressed by how much foresight and wisdom it contained. I read elsewhere(though I was not able to confirm it) that the speech was committed to memory by American school children and was also read annually before the US Senate. Again I did not find seperate confirmation for that.

But the speech. That was clear.

Some words from the Nation's Father:

"As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible, avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it, avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertion in time of peace to discharge the debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burden which we ourselves ought to bear. The execution of these maxims belongs to your representatives, but it is necessary that public opinion should co-operate."

http://avalon.law.yale.edu/18th_century/washing.asp

Solomon said that a good man leaves an inheritance to his children's children.

Leaving trillions of dollars of debt that we and they may never be able to repay, may leave our posterity feeling more like the children of Israel about their forefathers (Ezekiel 18:2).

Sour grapes anyone?

It should be noted that because of our banking system in this nation (fractional reserve), that if everybody was conservative in their finances, our system would collapse over night. Our money is based on a complex debt and lending system, where money is only created if people are borrowing. And the best product used to keep the system going? A 30 year mortgage. Which is why the Federal government has promoted the lie that taking a 30 year mortgage out on a home is a good financial investment. Such is bad math, and is almost never true. But people have bought the lie, and actively promoted it. In a nutshell, with the fractional reserve banking, if banks stopped lending, the cash flow would dry up. There would be no money. Which is why we saw the deflation of our currency upon the housing bubble explosion.

A system built on debt and enslaving people in debt must of necessity collapse one day. The show can't go on forever. Though we are a nation with great natural resources which God has blessed us with, our "wealth" as a nation is nothing more than an illusion based on debt. Money is created everyday out of thin air, all because of debt.

We really are a consumer nation and according to the government its our consuming that even keeps this country afloat. I really don't know about this but its what they have said. We depend on trade along with other countries who depend on us for trade, its all a complex weaving of web that is one thing is severed it can disrupt the chain.

Now the real kicker, the ones that are most oblivious to the situation is the most uneducated on the problem, ie my generation and the next one to come. Economically what my generation needs is voices that know what their talking about and doing NOW to stand and teach the younger generation what is going on and the danger of it all.

My generation also was all so eager for "change" I guess that happened eh?

Indeed. Our economic system is designed around consumerism. Things must be consumed in great volumes for it to be maintained.