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About That Fiscal Cliff

Hard Thought Wrote: Nov 21, 2012 4:05 AM
if there is any way out of this, I am willing to listen, but at present we are circling the bowl and the handle has already been pushed.
John_G Wrote: Nov 21, 2012 8:07 AM
The way out the gov't will likely take (in lieu of default) will be to inflate away the debt, similar to how Germany destroyed their currency to pay off reparations for WWI
Yikes, we're headed toward a fiscal cliff! It will crush the economy! Or so the media and politicians tell us.

The "cliff" is a series of tax increases and budget cuts that automatically go into effect Jan. 1 unless Congress acts.

Will Congress act?

It will! I see the future: The politicians will meet and fret and hold press conferences and predict disaster. Then they'll reach a deal.

It will just postpone the reckoning, but they'll congratulate themselves, and the media will move on.

America, however, continues to go broke.

"They're not going to admit that we're bankrupt, and they won't...