Oh the company we keep..

"If you make a list of the countries in the world that have the biggest homework in restoring their public finances to a reasonable situation in terms of debt levels, you find four countries: Greece, Ireland, Japan and the United States,"


IMF cuts U.S. growth forecast, warns of crisis.


SAO PAULO (Reuters) - The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits.

The IMF, in its regular assessment of global economic prospects, said that bigger threats to growth had emerged since its previous report in April, citing the euro zone debt crisis and signs of overheating in emerging market economies.

The global lender forecast that U.S. gross domestic product would grow an anemic 2.5 percent this year and 2.7 percent in 2012. In its forecast just two months ago, it had expected 2.8 percent and 2.9 percent growth, respectively.

The outlook elsewhere was mixed. The IMF said it was slightly more optimistic about the euro area's growth prospects this year, but a lack of political leadership in dealing with that crisis and the budget showdown in the United States could create major financial volatility in coming months.

"You cannot afford to have a world economy where these important decisions are postponed because you're really playing with fire," said Jose Vinals, director of the IMF's monetary and capital markets department.

"We have now entered very clearly into a new phase of the (global) crisis, which is, I would say, the political phase of the crisis," he said in an interview in Sao Paulo, where the forecast was published.

http://ca.news.yahoo.com/imf-cuts-u-growth-forecast-warns-crisis-130529571.html

Our government at work! Spend endlessly to appease special interests, never consider the future, get reelected no matter what ...

And what was their retirement plan?

I am sure they were hoping wiener boy would hang on until the weekend, so this would get overlooked.

I blame American Voters.

the Poor always vote for the guy who promises them "help" (handouts).

the Elderly always vote for the guy who promises to protect their retirements.

liberals always vote for their party (The DNC) whether or not they will help or damage this country. (Idealistic dip shittes)

minorities vote for the guys who will turn a blind eye to immigration enforcement so they can get more of their undeserving family here.

conservative always vote for the people who promise morality and responsibility when there is none.

American voters are too easily led by their noses.

And on top of that we have all these fuqing "humanitarians" preaching a great line about peace but leave us open to attack becasue they think all problems are solved with negotiation.

And on top of that the World Bank and the IMF ARE Part of the problem! they are all about debt cycles and digging us in deeper into debt.

I blame the culture,,,


gotta have it now, damn anyone elses and damn the consequences

its only a reflection of the citizenry , truly
isnt the whole premise behind 'credit cards' to get it NOW and worry about paying later?


some interesting credit card trivia


there are 300,000,000 people (a chunk of them not old enough to even make credit card purchases)
and 1.2 billion credit cards in use


average credit card debt per american household is 8,400 dollars

Average personal wealth of a 50-year-old American, including home equity: less than $40,000

average savings 2%

read more here http://www.spendonlife.com/content/CreditCardDebtEliminationAndFactsAboutDebtInAmerica-1-223-3.ashx


SIDENOTE: INTEREST IS A ##$$%

its a monster created by the culture, just took time until it flowed into government,,,,