"Discover Cooking, Discuss Life."

Go Back   Discuss Cooking - Cooking Forums > The Back Porch > Off Topic Discussions
Click Here to Login
Thread Tools Display Modes
Old 03-05-2007, 11:57 PM   #1
Master Chef
Join Date: Mar 2004
Location: NW Chicago Burbs'
Posts: 6,070
Send a message via Yahoo to -DEADLY SUSHI-
Federal Reserve Going Bankrupt?

It looks like the Federal Reserve is going BANKRUPT!?!?!
How the HECK is THAT possible?? Please read:


-DEADLY SUSHI- is offline   Reply With Quote
Old 03-06-2007, 12:48 AM   #2
Head Chef
Join Date: May 2006
Location: Spain
Posts: 1,167
Well, I might not disagree with your overall drift but I started with the last of your links. The very staid Daily Telegraph would be very surprised to find themselves in bed with some of this lot!

Snoop Puss is offline   Reply With Quote
Old 03-06-2007, 01:04 AM   #3
Master Chef
Join Date: Mar 2004
Location: NW Chicago Burbs'
Posts: 6,070
Send a message via Yahoo to -DEADLY SUSHI-
Yeah. Im not sure about the legitimacy of SOME of the sites. Ive never heard of the Daily Telegraph. Are they legit?
-DEADLY SUSHI- is offline   Reply With Quote
Old 03-06-2007, 01:14 AM   #4
DC Grandma
Dove's Avatar
Join Date: Dec 2003
Location: USA,California
Posts: 3,217
I think you have to much time on your hands..LOL
May I always be the person my dog thinks I am.

Walk towards the Sunshine and the Shadows will fall behind you!
Dove is offline   Reply With Quote
Old 03-06-2007, 03:11 AM   #5
Head Chef
lulu's Avatar
Join Date: May 2006
Location: England
Posts: 2,039
No comment on the topic, but the Telegraph is one of UKs main papers, and as far as any press is legitimate they are. Traditionally they stand centre right ish, but bear in mind your left is still right of our leading right of centre party! It seems to me that we British love stories of governmant financial crisis, we are always examining our own risk of going bankrupt with UK government too.

I can't reply to topic, because I am gonna be a good girl and not talk politics!
In omnibus amor et iustum
lulu is offline   Reply With Quote
Old 03-06-2007, 06:50 AM   #6
Head Chef
Join Date: Mar 2005
Location: Bloomington, IN
Posts: 1,129
Send a message via AIM to college_cook
This is a favorite topic of your average conspiracy theorist, but the fact of the matter is that most people don't really know how US money works.

Granted, the Fed is a private corporation and does regulate the flow of the US Government's money, which might seem strange, and actually is very strange when compared to the rest of the world. However, this "corporation", is really nothing more than a collection of the 12 regional Federal Banks, and their chairman, and since their banks route all of the money that goes through the country, its really only logical that they be the ones that regulare the flow. (You know those routing number on the bottom of your checks? Those correspond to the 12 regional banks) Furthermore, the 7 members that make of the Board of Governors in Washington (the people in charge) are all elected by the Senate and must be approved by the President. (So, the government is VERY much in control) They in turn, appoint the directors for the regional banks, and clearly have made a mistake in appointing the fellow who wrote this paper.

It seems like the author is worried about the baby-boomer generation, and the ability of subsequent generations to pay for their medicare, social security, and private debts. All are very valid concerns, especially when you consider that baby-boomers make more money than the rest of us. So this guys is worried about being able to pay the expenses of the people who have all the money in the first place.

So, what does this mean? Well we could do some complicated economics math that none of us are really very likely to actually understand, or we could take a step back, and think logically about this for a second. The baby-boomers have all the money because they have the best jobs. So when they retire, what happens to their job? It doesn't just disappear, that's for sure. Someone from a subsequent generation gets hired for it. And here's the best part: since the baby-boomer generation is SO much larger than the other existing generations, we stand to become a much wealthier nation, because fewer people will be holding all of that money.

Don't worry, nothing's going to happen to your money, and the US. is nowhere near bankruptcy... well no nearer than any other country is, anyways.
college_cook is offline   Reply With Quote
Old 03-06-2007, 02:17 PM   #7
Head Chef
Join Date: Aug 2006
Location: Southern California
Posts: 2,038
I really don't what to believe but thanks for sharing.

Jill and Jolie
shpj4 is offline   Reply With Quote
Old 03-06-2007, 02:46 PM   #8
Master Chef
jennyema's Avatar
Join Date: Mar 2002
Location: Boston and Cape Cod
Posts: 9,811
Pointing out that the article does not claim that the The Fed is going bankrupt (which would be impossible).

It's also impossible, technically, for the government to go "bankrupt."

An interesting theory though.

Less is not more. More is more and more is fabulous.
jennyema is offline   Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

» Discuss Cooking on Facebook

Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 10:03 PM.

Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.