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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: SouthFloridaGuy who wrote (78517)2/5/2007 10:18:51 PM
From: GST  Read Replies (2) of 110194
 
I have no problem with globalization -- on the contrary it has tremendous appeal. What I have a problem with is the idea that we do not need any financial discipline. In the short term, being wealthy provides us with a way to absorb our shortfalls. In the medium to long term, we either pay our bills or face the consequences. You wouldn't last too long if you spent 10% more than you earned year after year after year, although if you had assets you could fall back on them for a while. In the end though the results would be the same -- you would spend yourself into poverty. We need to earn a living and pay our bills WITHIN a global economy. Running from the global economy is no answer, but neither is claiming that it does no harm to spend more than you earn forever. That is just fooling yourself, and for political leaders it is simply lying to those who elected you. In the end it all comes into focus with the dollar. The dollar is the ultimate referendum on our place in the world. Unless we develop some financial discipline we are going to face the day when the referendum turns in a 'no confidence' vote. At that point the discipline will be harsh and uncompromising, just as it would be if you were foolish enough to spend yourself into personal bankruptcy. The dollar has been weakening these past few years as we slip towards that day.
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