West in a ‘Colossal Mess’ in Five to 10 Years

We've got a few years left to dramatically cut government spending or the entire system is going to collapse. The necessary cuts are probably not politically possible, since they require the consent of the majority. Our economic situation is like an oncologist with a patient who won't consent to chemotherapy or surgery.

West in a ‘Colossal Mess’ in Five to 10 Years: Marc Faber

Published: Monday, 22 Oct 2012 | 8:46 AM ET

By: Antonia van de Velde
CNBC.com Deputy News Editor

The debt burden in the U.S. and other Western countries will continue to increase, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Monday, leading to a “colossal mess” within the next five to 10 years.




Dr. Marc Faber

“I think the regimes will try to keep the system alive as it is for as long as possible, which means there’s no “fiscal cliff,” there’s a fiscal grand canyon,” Faber told CNBC’s “Squawk Box.”
Faber argued that the political systems in place in the West would allow the debt burden to continue to expand. Under such a scenario of never-ending deficits, the Western world would rack up huge deficits.
One day, the system would break, he said.
“Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions,” he said. The U.S. is getting closer to such a revolution, he said, as is Europe.
“I think the timeframe would be within five to ten years you have a colossal mess … everywhere in the Western world,” Faber said. “I think the deficit here (in the U.S.) — irrespective of who is in the White House — will stay above a trillion dollars per annum for at least as far as the eye can see.”





Bureaucracies in the U.S., as well as Europe, are far too big, he said, and are a burden on the economy.
“My medicine for the U.S. is: Reduce government by minimum 50 percent,” he said. “The impact would be immediately an improvement in the economy.”

Continued
http://www.cnbc.com/id/49500213

I think President Romney will tackle the problem; but his solutions will fall far short of what is required....................th e American public doesn't have the stomach for the 50% cuts that Faber is calling for...in the end, we get the government we deserve.

I could be wrong, but even if Romney believes it, he won't try to sell massive federal cuts (50%) as being good for economic growth !

One point that makes me think Romney will be serious about this is a comment he made regarding governing as if he is a one-term president.

I think President Romney will tackle the problem; but his solutions will fall far short of what is required....................th e American public doesn't have the stomach for the 50% cuts that Faber is calling for...in the end, we get the government we deserve.

I could be wrong, but even if Romney believes it, he won't try to sell massive federal cuts (50%) as being good for economic growth !

One point that makes me think Romney will be serious about this is a comment he made regarding governing as if he is a one-term president. Originally Posted by Whirlaway

The Constitution was the fire wall that was designed to protect us from run away federal spending. The fire wall was breached by FDR in the 30's with the New Deal programs. The mob has been looting the treasury ever since.

Asking the mob to stop looting is futile.

I think President Romney will tackle the problem; but his solutions will fall far short of what is required....................th e American public doesn't have the stomach for the 50% cuts that Faber is calling for...in the end, we get the government we deserve.

I could be wrong, but even if Romney believes it, he won't try to sell massive federal cuts (50%) as being good for economic growth !

One point that makes me think Romney will be serious about this is a comment he made regarding governing as if he is a one-term president. Originally Posted by Whirlaway

What are his solutions? He's been keeping them to himself.

If Obama wins I give us 2 years tops. If Romney wins, we might have 6-9

The solution is extremely painful but we are only putting it off. Why not just rip the bandaid off and get it over with. Based on the debt and GDP we have already flown off the cliff. There's no bungie cord attached. We just hit the ground hard. You know that silver everyone made fun of me for.... Keep it up chuckels. When everything goes to shit; me, mine, and everyone that can find us will be taken in and taken care of.

And hey if roses and ponies are what happens instead, I'll celebrate. Trust me, I do not want to be right.

I'd like to have a 6-9 with you, Kayla.

Unfortunately, the only one with a plan that might save the economy is "unelectable."

You are a real suck up old fart...

I think you will all be VERY disappointed in President Romney. But I'll be here to remind you why.

Don't worry folks. Ain't gonna happen. The good guys will win and you'll go back to your bunkers and shine up your squirrel guns, bibles and hangman's nooses.

And everything will be like it's supposed to be.

Don't worry. I'll be here to remind you of that, too!

DIPSHITS!

You are a real suck up old fart... Originally Posted by ekim008

I'd like to have a 6-9 with you, Kayla.

Unfortunately, the only one with a plan that might save the economy is "unelectable." Originally Posted by CuteOldGuy

There's no need to put unelectable in quotes. Johnson is just plain, unelectable. The Libertarian view, of truly limited, constitutional government, is the answer to our problem. Unfortunately, the majority will never vote to take the medicine that will cure us.

Splitting the conservative vote into two parties will only hasten our demise.