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David Stockman on the global economy: "...all hell is going to break loose."
2014 Aug 10, 11:47pm 17,935 views 86 comments
by darlag follow (1)
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Bellingham Bill
2014 Aug 14, 5:37am
Where's the kaboom? There was supposed to be an earth-shattering kaboom!
Bellingham Bill
2014 Aug 14, 5:47am
Projection of interest payments quadrupling over the ten year period from 2013 to 2023.
CBO projection is a joke. They're expecting a normal economy this decade and next, or were at least. I haven't looked closely at the 2014 release yet but I'm somewhat familiar with 2012's and 2013.
In 2012 they projected 3% YOY real wage growth 2014-2020. For 2014 they've halved that to 1.5%.
They're still predicting 5% rates on the 10 year by 2020. Good luck with that.
I used to be pessimistic about CBO's 2012 projection of the real economy hitting $20T (2012 dollars) by 2020, but we've got more of an uptrend than I was expecting, actually:
2010-now matches 1990-1994 very closely. If we get another late 1990s boom, we'll hit $20T, too. Well, $19T+ I guess.
Bellingham Bill
2014 Aug 14, 6:02am
New Bastille Day
gonna look a lot like this though
40% of this country are excess bodies and aren't going to get much in any new order other than time in prison, "Bastille Day" or no. Top 10% doesn't have to worry much since they own everything and call the shots. Middle 50% has to keep their heads down and do what they're told.
It doesn't have to be this way, but will be continue heading this way as long as DC is as dysfunctional as it is now.
The Democrats don't have any answers, but the macro mistakes we've been making 1980-now weren't their policy initiatives.
Bellingham Bill
2014 Aug 14, 6:14am
2014 CBO projection of real GDP (2014 dollars)
So they're thinking this decade is going to finish stronger than the previous decade.
2015 +3.43%
2016 +3.31%
2017 +2.67%
2018 +2.60%
2019 +2.03%
2020 +2.49%
Real GDP growth projections. Why things will be great in 2016 and sucky in 2019 is a mystery.
deepcgi
2014 Aug 14, 2:44pm
The Soviet Union controlled all of the cops and all of the military in all of the Russian republics, and almost overnight, they didn't anymore. The individual states said, "sorry, but we're no longer interested in following your orders. In fact, if you try to send any troops at all across our border, you can count on getting them filled with the same lead you paid for!"
I wouldn't count on any type of formal "order" on B-day 2.0.
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Stockman was interviewed by Eric King the other day. The former director of the OMB issued a dire warning about the imminent future of global economics.
"Train wreck is a pretty good term to describe what is coming...[..] But when you take the balance sheet of the Fed from $900 billion to $4.5 trillion in less than 70 months, and when that pattern is replicated around the world, that is a train wreck in slow motion. The only issue is, when does it hit the wall? The answer to that question is it's not very far down the road, and I can promise you that is when all hell is going to break loose.â€
http://www.globaldeflationnews.com/stockmans-warning-on-the-global-economy-all-hell-is-going-to-break-loose/