US economy bankrupt?

[clarky003]

I was watching BBC news and just today they announced the $70 a barrel all time high, the federal reserve continues to keep borrowing more and more, the reliance to keep the economy buoyant is mostly in off shore ventures, dealings within the middle east and columbia (even suspicions that the CIA has been smuggling contraband from Afghanistan almost since its inception)

So my question is with all thats going on right now, what do you think? could it be possible that the economy is on the brink of being bankrupt? Is it just possible that what we are actually seeing now is not only a 'war on terror' but also rather a struggle to keep the economy above water.

http://www.cbsnews.com/stories/2006/03/28/opinion/main1446887_page2.shtml

It was this CBS news article that made me wonder.

and these sources clarify one of the main 'possibilities' why the US economy is heavily reliant on others economically.

http://en.wikipedia.org/wiki/Petrodollars

http://en.wikipedia.org/wiki/Petrodollar_recycling

http://en.wikipedia.org/wiki/Petroeuro

The United States Federal Reserve (the Fed) has announced that it will stop reporting the M3 money supply data of the US dollar on March 23, 2006. This has started some speculation in the investment and banking community on the possible instability in the dollar system that the Fed is trying to hide.

http://en.wikipedia.org/wiki/OPEC - using the euro, ie US economy does not recieve any petrodollar recycling.

It's also an interesting fact that just before the war Saddam decided to switch to the petroeuro no prizes for guessing who else trade in the petroeuro

http://en.wikipedia.org/wiki/Iranian_Oil_Bourse

In 2003, Iran started trading with its European and Asian partners using the euro.

The three current oil markers (pricing mechanism for oil) are US dollar denominated, which include the West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYME) in New York City and the International Petroleum Exchange (IPE) in London.

The Iranian Oil Bourse would establish a fourth 'oil marker', denominated by the euro.

 

[DeusExMachina]

The economy has been pretty shitty, that much I know. Economy bankrupt though? Perhaps. I believe we're heading towards bankruptcy.

 

[Qonfused]

We're at something like negetive nine trillion. Yeah, I'd call that bankruptcy.

 

[RakuraiTenjin]

The economy has been pretty shitty, that much I know. Economy bankrupt though? Perhaps. I believe we're heading towards bankruptcy.

The economy's been decent lately. How shitty at all? The only thing that's been bad is gasoline prices but that's about it.

 

[baxter]

Given the massive costs involved with the Iraq war

Also helpful to our analysis is a report published by the Congressional Research Service (CRS) in October 2005 which concluded that $251 billion had been obligated or appropriated for the Iraq War. The research was based not just on Congressional appropriations, but on the Department of Defense's (DOD) DFAS monthly obligations reports. The researcher also concluded that as war-related expenses were higher than anticipated, the DOD transferred money from peacetime funds (which they were permitted to do under certain circumstances as outlined in appropriations legislation). The DOD also transferred funds appropriated for Afghanistan or general war to the Iraq War. The $251 billion number in the report included $45 billion appropriated by Congress in the fiscal year 2006 budget. However, the final number was $50 billion.

Yes, it's a real possibility

http://www.nationalpriorities.org/index.php?option=com_content&task=view&id=31&Itemid=61

 

[SAJ]

Quote:
In 2003, Iran started trading with its European and Asian partners using the euro.

The three current oil markers (pricing mechanism for oil) are US dollar denominated, which include the West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYME) in New York City and the International Petroleum Exchange (IPE) in London.

The Iranian Oil Bourse would establish a fourth 'oil marker', denominated by the euro.

That ought to be part of the "us planning air strikes on Iran" thread, its very relevant to that issue.

 

[Tr0n]

Yea, we're going to hell in a hand basket. Sucks our generation and our childrens will have to deal with it.

 

[Some_God]

That's where a far-right dictatorship comes in handy. The dictator will take power, solve all of our economic problems by diverting all industrial resources toward the production of war materials and conquer the world.*

*Note: This has been TRIED once.