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Thread: So this Recession...

  1. #31
    The Black Senior Member Papewaio's Avatar
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    Wink Re: So this Recession...

    Shouldn't that be J Walker... Keep on Walking.
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  2. #32
    Iron Fist Senior Member Husar's Avatar
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    Default Re: So this Recession...

    On the topic of MasterCards (without wanting to take it too far off-topic), are they very common and accepted in the US? I was told they're more of a european thing so thought about getting a VISA instead. Could I travel to the US with my Master Card without worrying too much? It seems like it from the little research I've done but would be nice to hear it first hand from some trusted sources.


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  3. #33
    Spirit King Senior Member seireikhaan's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Husar View Post
    On the topic of MasterCards (without wanting to take it too far off-topic), are they very common and accepted in the US? I was told they're more of a european thing so thought about getting a VISA instead. Could I travel to the US with my Master Card without worrying too much? It seems like it from the little research I've done but would be nice to hear it first hand from some trusted sources.
    My credit card is a mastercard, and I have never had any problems with people accepting it.
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  4. #34
    Needs more flowers Moderator drone's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Husar View Post
    On the topic of MasterCards (without wanting to take it too far off-topic), are they very common and accepted in the US? I was told they're more of a european thing so thought about getting a VISA instead. Could I travel to the US with my Master Card without worrying too much? It seems like it from the little research I've done but would be nice to hear it first hand from some trusted sources.
    My main card is a MasterCard. You wouldn't have any problems. Both Visa and MC are pretty much universally accepted. A possible advantage of a Visa would be the CheckCard option, which I don't believe MasterCard supports.
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  5. #35
    Poll Smoker Senior Member CountArach's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Husar View Post
    On the topic of MasterCards (without wanting to take it too far off-topic), are they very common and accepted in the US? I was told they're more of a european thing so thought about getting a VISA instead. Could I travel to the US with my Master Card without worrying too much? It seems like it from the little research I've done but would be nice to hear it first hand from some trusted sources.
    Not just the USA, but down here they are accepted everywhere. So you can come visit...
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  6. #36
    Praefectus Fabrum Senior Member Anime BlackJack Champion, Flash Poker Champion, Word Up Champion, Shape Game Champion, Snake Shooter Champion, Fishwater Challenge Champion, Rocket Racer MX Champion, Jukebox Hero Champion, My House Is Bigger Than Your House Champion, Funky Pong Champion, Cutie Quake Champion, Fling The Cow Champion, Tiger Punch Champion, Virus Champion, Solitaire Champion, Worm Race Champion, Rope Walker Champion, Penguin Pass Champion, Skate Park Champion, Watch Out Champion, Lawn Pac Champion, Weapons Of Mass Destruction Champion, Skate Boarder Champion, Lane Bowling Champion, Bugz Champion, Makai Grand Prix 2 Champion, White Van Man Champion, Parachute Panic Champion, BlackJack Champion, Stans Ski Jumping Champion, Smaugs Treasure Champion, Sofa Longjump Champion Seamus Fermanagh's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Husar View Post
    On the topic of MasterCards (without wanting to take it too far off-topic), are they very common and accepted in the US? I was told they're more of a european thing so thought about getting a VISA instead. Could I travel to the US with my Master Card without worrying too much? It seems like it from the little research I've done but would be nice to hear it first hand from some trusted sources.
    Mastercard and Visa are both accepted by 95+% of merchants in the USA. It is more likely that you will find a shop or service that accepts NO credit card transactions than you would be to find one that accepts Visa but not Mastercard. Amex and Discovery are a little chancier, but the big two work just fine.
    "The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.” -- Milton Friedman

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  7. #37

    Default 46 Of 50 States Could File Bankruptcy In 2009-2010

    http://freedomarizona.org/

    46 Of 50 States Could File Bankruptcy In 2009-2010

    January 30, 2009

    There is a high chance a majority of the States within the United States of America could file for Chapter 9 bankruptcy. There are currently 46 states with high budget deficits, Arizona being one of them.

    In fact, Jan Brewer, the newly appointed Governor of Arizona has a major crisis on her hands, one that Arizona and national media isn’t covering. The alarming news is the State of Arizona has 90 to 120 days before they completely run out of money. After that, all bills and tax refunds owed to the citizens will go unpaid.

    Before Janet Napolitano left for her new Homeland secretary position, she had a stand-off with Arizona Treasurer Dean Martin. The AZ Treasurer forewarned Napolitano about Arizona’s financial crisis, but she refused to heed his words.

    With neighboring California on the verge of bankruptcy this year, many States will follow in their steps.

    Many States are already scurrying to cut unwanted costs, cut State-funded programs, raise taxes, not issue tax refunds to their citizens, and borrow money just to survive in 2009. Unfortunately, many banks — the same banks the Fed bailed out — are refusing to loan money to the States and their Treasury agencies.

    The article, State Budget Troubles Worsen, at the Center on Budget and Policy Priorities website is an excellent piece to read. It shows where each State currently stands in these challening economic times, and you see 46 of the 50 States are clearly in the financial red.

    It’s very possible you’ll see the end of the United States as we know it. If the Fed doesn’t bailout the States when their cash dries up and the banks don’t loan them money, then our States will be left in financial ruin. This would be a tragic and unprecedented event never experienced in the United States.

    No State has ever filed bankruptcy, but it could be coming to a State near you this year.

    We are on the brink of something far worse than the Great Depression.
    Wooooo!!!

  8. #38
    Enlightened Despot Member Vladimir's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Lemur View Post
    What, like CitiBank doesn't issue MasterCards? Here you go:

    Now go spend us out of this recession! Quickly!
    Yea, it's that in retrospect it was a wonderful decision to change from Bank of America. Now, time to subsidize Wawa!


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  9. #39
    Member Member Beren Son Of Barahi's Avatar
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    Default Re: So this Recession...

    With all this printing money; i take it that the US relies heavily on other countries using the US dollar for trading commodities (oil, gold, metals). What would be the likely effect of say some like the EU, Middle east, china using a different currency for trading (EURO?). Im just wonder how much of this borrowing is dependant on crazy trade deficits and a constant demand for US dollars...

    Also i would of thought that high inflation would be just as bad if not worse then deflation as the reserve bank would most likely need to raise interest rates (see Australian recession mid 80's) causing massive amounts of bankruptcy and even more loan defaults. Not much fun being a reserve bank chairman around now huh?
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  10. #40
    The Usual Member Ice's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Beren Son Of Barahi View Post
    Also i would of thought that high inflation would be just as bad if not worse then deflation as the reserve bank would most likely need to raise interest rates (see Australian recession mid 80's) causing massive amounts of bankruptcy and even more loan defaults. Not much fun being a reserve bank chairman around now huh?
    See the first page of the discussion. Lowering interest rates to near zero hasn't really killed deflation. I don't really understand why people see it as better than inflation. Both are ugly, but one grounds consumer spending to a halt.



  11. #41
    smell the glove Senior Member Major Robert Dump's Avatar
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    Default Re: So this Recession...

    There is no recession in Oklahoma.
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  12. #42
    Old Town Road Senior Member Strike For The South's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Major Robert Dump View Post
    There is no recession in Oklahoma.
    Well that would just be adding insult to injury. Imagine losing money and having to live in Oklahoma. Not something I'd wish on my worst enemy.
    Last edited by Strike For The South; 02-05-2009 at 00:32.
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  13. #43
    smell the glove Senior Member Major Robert Dump's Avatar
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    Default Re: So this Recession...

    I actually agree with you there.
    Baby Quit Your Cryin' Put Your Clown Britches On!!!

  14. #44
    Praefectus Fabrum Senior Member Anime BlackJack Champion, Flash Poker Champion, Word Up Champion, Shape Game Champion, Snake Shooter Champion, Fishwater Challenge Champion, Rocket Racer MX Champion, Jukebox Hero Champion, My House Is Bigger Than Your House Champion, Funky Pong Champion, Cutie Quake Champion, Fling The Cow Champion, Tiger Punch Champion, Virus Champion, Solitaire Champion, Worm Race Champion, Rope Walker Champion, Penguin Pass Champion, Skate Park Champion, Watch Out Champion, Lawn Pac Champion, Weapons Of Mass Destruction Champion, Skate Boarder Champion, Lane Bowling Champion, Bugz Champion, Makai Grand Prix 2 Champion, White Van Man Champion, Parachute Panic Champion, BlackJack Champion, Stans Ski Jumping Champion, Smaugs Treasure Champion, Sofa Longjump Champion Seamus Fermanagh's Avatar
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    Default Re: So this Recession...

    Quote Originally Posted by Major Robert Dump View Post
    I actually agree with you there.
    Nice to see you again, MRD! Oklahoma is not so okay with you then?
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  15. #45

    Default Re: So this Recession...

    We're all doomed anyway. Mayan Calendar - December 2012 - none of it matters!!!

  16. #46
    smell the glove Senior Member Major Robert Dump's Avatar
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    Default Re: So this Recession...

    thats not our motto anymore, now its "native america"

    it isn't so bad here, a little backwards in some parts, a little corrupt in others, but what state isn't?

    as for the recession, unlike the last time around, we will be the last to feel it and the first ones out of it, unless of course the federal reserve decides to start price fixing our agriculture and natural gas
    Baby Quit Your Cryin' Put Your Clown Britches On!!!

  17. #47
    Master of Few Words Senior Member KukriKhan's Avatar
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    Default Re: So this Recession...

    Originally Posted by KukriKhan:
    ...I submit that it happens all the time on an individual level, and has happened on a nation-to-nation level too. What if China or SA or UAE, holding trillions of us paper (on redemption), presents that paper for early redemption because their people are starving due to some natural disaster (say), and they need cash to feed them?

    Could we cover even the nut, much less the vig?

    Far-fetched? Maybe.

    Hope for the best. Prepare for the worst. Which US State will we give up to satisfy an early-call debt? Cuz, in the end, all we really have is land, people who will work, and trust in our word.
    Quote Originally Posted by Banquo's Ghost View Post
    I believe that China holds around 10% of US debt. Whereas this is a sizeable amount, other countries hold more as a group.

    The difference between an individual demand and a national one is, of course, scale. If the United States defaulted on a debt as described, the resulting financial cataclysm would engulf China (and us all) to the extent that such an early call on bonds would be unthinkable to them.

    I think I am right in saying that China is keen to buy US bonds because she needs her currency linked closely to the dollar, rather than too free floating. As we see from this recession, everyone needs the United States to be strong economically, and right soon. That may not last forever, but most countries interested in continued eating would be keen on any decline happening very gradually, as it was before the bankers decided to go mad.

    BTW, if you lot think you have it bad, consider Biffo's Paradise: it's predicted that Ireland is likely to see the economy contract by 10% this year and close to 18% unemployment.
    China wants their US debt holdings 'guaranteed' 'Ill'ry had best drag along the Treasury Sec & Fed Head with her to Peking.

    And so it begins. Maybe it won't take their population starving, or a natural disaster for the PRC to decide to cash in early. Then what? Who's next to demand early payment?

    This 'spend your way out' theory only works if the off-shore lenders say "OK, we'll buy that debt."

    And trust me, the US administration isn't done yet with multi-trillion (I had to watch my fingers type that word, they being un-used to it) dollar spending plans. Wait'll late spring and early summer. We still have housing and other industries to bail out, of unknown valuation, and questionable risk.

    Kukri's armchair prediction: By Valentine's Day 2011 (2 years hence), fed spending will be limited to defense and homeland security, and US taxes for all will have risen to an average 45% of AGI. This to not default on the few remaining offshore loans. The US gov't will be "land rich, cash poor". Citizens will be "land poor, cash poor".

    Hey Bartender: toss a splash of 'doom' into that shot of 'Gloom', please.

    -edit-
    I hope I'm wrong - that I'm just an ignorant, sorta slow on the uptake, under-informed man on the street seeing only a tiny bit of the big picture; and that the smarter, better informed guys in charge can work their way thru this.
    Last edited by KukriKhan; 02-11-2009 at 04:27.
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  18. #48
    L'Etranger Senior Member Banquo's Ghost's Avatar
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    Default Re: So this Recession...

    Bartender, ixnay the Doom and Gloom, please. Fix my friend a fine brandy. He needs cheering up.

    Kukri, I think you are being too pessimistic. The article you refer seems to be about the Chinese trying to influence US policy away from the possibility of "quantative easing" should the stimulus not work. QE is wonkspeak for printing money. They would rather that President Obama doesn't follow Zimbabwe's lead.

    They are hinting that the endless purchase of bonds that has characterised the last few years cannot last forever, not that they intend early redemption. As I noted before, for China to take that step would bankrupt the world economy and them - there is absolutely no point. China already has its own huge problems growing, particularly unemployment. They need to get the world (as especially the US) buying their goods again as soon as possible. Putting their main customer in the poorhouse for 30 cents on the dollar would be suicidal.

    What the "warning" does do is remind Obama that there are limits to splurging money, even in the United States. One has to borrow the money from somewhere, and that somewhere hasn't a limitless appetite. In other words, make the package you've got work, otherwise find some other method to address the downturn - there isn't another trillion or so available, and if you try and "magic" some up by printing dollars, you'll definitely close off any tap.

    We're all in this one together, it's the characteristic of this recession. None of the big players can afford to screw over another, or we're all living in tents.
    "If there is a sin against life, it consists not so much in despairing as in hoping for another life and in eluding the implacable grandeur of this one."
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