We’re Not Greece, Says Barack Obama as US Fears Grow!
- America is not Greece. It is Greece x 100 fold ! Greece is but a small economy at about 2% of the entire Eurozone’s GDP. When the USD collapses, the whole world will be affected. All countries hold USD because they need to buy oil. Most countries hold US treasuries also. When US default officially or via QE to infinity, all countries are affected. Don’t believe all the talk that America is in better shape than the Eurozone. It is not true. America’s debt is anywhere between US$100-200T ! How do you tell when politician snakes lie? Whenever they move their lips!
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We’re not Greece, says Barack Obama as US fears grow
By Alex Spillius, http://www.telegraph.co.uk/
President Barack Obama on Friday said only “modest adjustments” were required to overhaul the debt-ridden US economy as he insisted the country was not in the same straits as “Greece or Portugal”.
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With Standard & Poor’s and Moody’s, two major ratings agencies, threatening to downgrade America’s top credit status, Mr Obama tried to downplay fears about the strength of the world’s largest economy, while issuing warnings to Republicans that time was running out to reach a deal on spending and borrowing. “We are running out of time, that is my main concern, and we simply need to make some tough choices,” said Mr Obama.
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“But contrary to what people are saying, we are not Greece, we are not Portugal. We have a chance to stabilise America’s finances for a decade or 15 years or 20 years if we’re willing to seize the moment.”
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Weeks of negotiations with the opposition on spending and borrowing have led to an impasse, with Mr Obama storming out of a meeting with Republicans this week declaring “enough is enough”. He needs to reach an agreement with Congress, which is partly controlled by Republicans, to raise the US government’s $14.3 trillion borrowing limit in order to allow it to continue functioning.
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