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  1. #171
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    From my observations Americans like to blame others for their problems. Never has the thought that they themselves may be the cause of the problem ever enter their mind.
    All they have to choose is one or more of :

    1. Pay more taxes to stop the massive bleeding.
    2. Spend less.
    3. Save more.

    Why, oh why can't Americans do at least one of the above? The reason may be surprising and even ominous for the US. The US uses the printing press to debase its currency which it then uses the dollar to ask the world to use it as a global reserve currency. It is the modern way of "colonialism" without any physical occcupation like the old ways of the British, French, Spaniards, Portugese, and even Italians and Dutch.
    Using the printing press, not only for itself but for the whole world, is the easiest way out to inflate the US out of domestic economic problems and pass the "buck" around the world.
    Let me frankly ask you, once you are used to easy money how can Americans volunteer to have a change in mindset and then opt for one or more of the above 3 options? Never! Only when a major catastrophic event like a major economic meltdown worse than the greatest depression ever known or it is reduced to ashes in a war, like what happened to Japan and Germany after WWII, will the above 3 options be forced upon them. Then we shall perhaps see a rebirth of a new, even more powerful but certainly wiser America.

  2. #172
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    Simple differences between Americans and Asians, particularly the East Asians can be found in the way credit cards are used.
    Americans use credit cards as a source of loans that are perpectual, choosing to pay the interest monthly. Asians use credit cards as a convenience to replace big budles of physical money they would otherwise have to carry. In the East all credit card outstanding amounts are fully repaid at the end of the month-credit card companies make no money from interest because there is none.
    Also the more advanced East Asians even loan money to convenience card companies. In Hong Kong we call it the Octopus Card, which is used for nearly all forms of transportation, purchasing, bookings, parking, dining, etc. The corporation that owns the Octopus card has billions of dollars paid in by users-it is a form of a huge bank which earns interest but pays none.

  3. #173
    Regular Member extremenanopowe's Avatar
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    vicious cycle. it takes time.

  4. #174
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    Quote Originally Posted by taneepak View Post
    From my observations Americans like to blame others for their problems. Never has the thought that they themselves may be the cause of the problem ever enter their mind.
    All they have to choose is one or more of :

    1. Pay more taxes to stop the massive bleeding.
    2. Spend less.
    3. Save more.

    Why, oh why can't Americans do at least one of the above? The reason may be surprising and even ominous for the US. The US uses the printing press to debase its currency which it then uses the dollar to ask the world to use it as a global reserve currency. It is the modern way of "colonialism" without any physical occcupation like the old ways of the British, French, Spaniards, Portugese, and even Italians and Dutch.
    Using the printing press, not only for itself but for the whole world, is the easiest way out to inflate the US out of domestic economic problems and pass the "buck" around the world.
    Let me frankly ask you, once you are used to easy money how can Americans volunteer to have a change in mindset and then opt for one or more of the above 3 options? Never! Only when a major catastrophic event like a major economic meltdown worse than the greatest depression ever known or it is reduced to ashes in a war, like what happened to Japan and Germany after WWII, will the above 3 options be forced upon them. Then we shall perhaps see a rebirth of a new, even more powerful but certainly wiser America.
    How can USA spend less with the health bill passing and nothing being cut to make up for it, instead of deficit financing to sustain the bill? you advocate spending more and say it was all part of economy and finance management, I call it mismanagement instead. You are right on easy access to $$$ and the huge appetite for consumer spending of the Americans. As for rebirth of USA, I think we will see the day the huge and rising debt will sink USA...one thing I do not know who will save USA from default, even IMF cannot do it.

  5. #175
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    Quote Originally Posted by taneepak View Post
    Simple differences between Americans and Asians, particularly the East Asians can be found in the way credit cards are used.
    Americans use credit cards as a source of loans that are perpectual, choosing to pay the interest monthly. Asians use credit cards as a convenience to replace big budles of physical money they would otherwise have to carry. In the East all credit card outstanding amounts are fully repaid at the end of the month-credit card companies make no money from interest because there is none.
    Also the more advanced East Asians even loan money to convenience card companies. In Hong Kong we call it the Octopus Card, which is used for nearly all forms of transportation, purchasing, bookings, parking, dining, etc. The corporation that owns the Octopus card has billions of dollars paid in by users-it is a form of a huge bank which earns interest but pays none.
    You are correct in the blue highlight above...I add to it i.e. 'not only are credit card debt fully paid out every month, but holders collect flyer points or cash return (2%) from credit card company. Using Visa Gold for car rentals, automatic car insurance covered and oversea flight booking entitles to 5% cashback. Also, with excellent credit rating, no debt and huge savings/investment account with the bank, holders do not even pay the annual card fee. But the bank always make money collecting 2-3% from spending from the vendors'. That is the Asian way.
    Last edited by OneToughBirdie; 04-22-2010 at 04:34 PM.

  6. #176
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    Quote Originally Posted by OneToughBirdie View Post
    You are correct in the blue highlight above...I add to it i.e. 'not only are credit card debt fully paid out every month, but holders collect flyer points or cash return (2%) from credit card company. Using Visa Gold for car rentals, automatic car insurance covered and oversea flight booking entitles to 5% cashback. Also, with excellent credit rating, no debt and huge savings/investment account with the bank, holders do not even pay the annual card fee. But the bank always make money collecting 2-3% from spending from the vendors'. That is the Asian way.
    hahaha.......you make your daddy proud!!
    I wonder whats the American way on credit card? heheheh

  7. #177
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    Quote Originally Posted by OneToughBirdie View Post
    How can USA spend less with the health bill passing and nothing being cut to make up for it, instead of deficit financing to sustain the bill? you advocate spending more and say it was all part of economy and finance management, I call it mismanagement instead. You are right on easy access to $$$ and the huge appetite for consumer spending of the Americans. As for rebirth of USA, I think we will see the day the huge and rising debt will sink USA...one thing I do not know who will save USA from default, even IMF cannot do it.
    God bless the USA
    Just like God saves the Queen in the UK

  8. #178
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    Credit card companies charging annual fees? No way, I will just ask them to go to hell. I am being bombarded with credit card offers with incentives and large spending limits with no mention of any annual fees or other fees at all.
    Even my existing credit card companies offer me loyalty rewards for staying with them, the longer the bigger the rewards which I convert to good wines.

  9. #179
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    Quote Originally Posted by taneepak View Post
    Credit card companies charging annual fees? No way, I will just ask them to go to hell. I am being bombarded with credit card offers with incentives and large spending limits with no mention of any annual fees or other fees at all.
    Even my existing credit card companies offer me loyalty rewards for staying with them, the longer the bigger the rewards which I convert to good wines.
    I am with you on not paying fees for credit cards. We don't pay annual fees on our one and only Visa card ever since we got the card like ages ago, and there is a way to get it free other than good credit rating We get 1%-2% cash back reward, 5% cash back for flight bookings...VISA Gold charges C$120 annual fee and extra fee for second card for spouse, same C$120 fee for American Express, MasterCard...but these cards entitles the holders to 1-2% cash back or air miles reward for charging to the card. For example, we use Visa to pump gas (I travel a lot like 40,000 km a year on work) and get 2% back, plus because I fill at the local grocery store, we get another cash back from the grocery store every year, then I get to claim mileage and meals, so you can say I am paid 3 ways for driving. Plus the car I drive is a Toyota which gives me lifetime free oil change every time my odometer clocks 8000 km BTW, there are regular Visa, Mastercard that charges nothing but holders don't get reward $$$ or air miles.
    Last edited by OneToughBirdie; 04-23-2010 at 02:28 AM.

  10. #180
    Regular Member ctjcad's Avatar
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    Default Flip flopping now??..

    Quote Originally Posted by taneepak View Post
    ...
    1. Pay more taxes to stop the massive bleeding.
    2. Spend less.
    3. Save more.
    ...
    ..i thought you are in favor & a proponent of more spending by the govt.?..

    How about stop all the spending altogether? Isn't that the root cause of all debts? That way, no new taxes will be needed. Even if the govt. tax all the people, it still wouldn't be enough to cover the debt...

    Of course, no.2 & 3, above, are foreign to the current white house administration..

  11. #181
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    All the savings should have been done (long time) before. Now its the time for rescue and recovery.

  12. #182
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    1. Pay more taxes to stop the massive bleeding.
    2. Spend less.
    3. Save more.

    Oxymoron

  13. #183
    Regular Member extremenanopowe's Avatar
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    haiz... I don't see this is going to change much in our lifetime. The world need them to spend. It debt will just go on and on and on and on.....

  14. #184
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    Quote Originally Posted by extremenanopowe View Post
    haiz... I don't see this is going to change much in our lifetime. The world need them to spend. It debt will just go on and on and on and on.....
    In a way it is like a massive dam that still keeps and holds the ever increasing volumes of water. The only strong supports in the dam are the Chinese, Japanese, Taiwanese, Hong Kong, Singaporeans, and the Arabs.
    Those in the upper reaches of the dam wouldn't want to antagonize one of the bigger supports holding the dam. If one big piece of the supports pulls out it will have a domino effect, and that will be the end.
    Interest rates will shoot up to slow down other supports from pulling out, but it will be in vain because no creditor nation wants to end up with Banana Republic treasury bills.
    There is a very wise saying. Beggars cannot be choosers.

  15. #185
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    Yeah, you owe bank $10,000, bank own you.
    You owe bank $100,000,000. you own the thank.

    Isn't it chinese saying that.
    You kill 1 person, you are a murderer.
    You kill 10 people, you are a mass murderer.
    You kill 10,000, it is genocide.
    You kill 1,000,000 you are a revolution hero.

    Whatever.

  16. #186
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    I am not against passing health bill, I am sure a lot of us are just poor when starting out fresh from college or U and if at that time, encountered poor health then we are screwed and would not afford health care. To help the poor and less fortunate is good governance.
    But I believe in fiscal responsibility that to pass this bill or any spending bills should first look at where to find the money (cut somewhere else) to support that, not to borrow more $$$ till eternity, run deficits, add to the national debt just to support a bill that BO said he will do when he was campaigning for the job.
    On the post that the 'world need USA to spend more'...no one will campaign to be PM or president to leave a boring legacy of paying of the debts of the previous president or presidents before. It is easy to spend to say you actually have done something good for the American public and leave a legacy and go down in history as it was 'I' who get the health bill passed than see, it was 'I' who balanced the budget and start the process of paying of the debt.
    I am still seething US$800B (yes, it is a big B) a year in interest debt servicing and only a dumbo can still believe that this show can go on...and on. Unbelieveable. World leaders applaud BO for this bill yet NO ONE raise concern about USA debt and how to sustain paying for this expenditure. If USA implode, Americans might as well kiss this bill and everything else. Of course, the proponents will said, USA is too big an economy to collapse and the debt to GDP, etc, etc is small potato.
    Maybe I just hate debt, it is like a stain that unless you manage to clean it of, it will stick onto you, and if not careful, can grow and it stinks
    Last edited by OneToughBirdie; 04-23-2010 at 11:38 AM.

  17. #187
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    Quote Originally Posted by Yoppy View Post
    hahaha.......you make your daddy proud!!
    I wonder whats the American way on credit card? heheheh
    North America's economy runs on consumer spending than like Asians who save more than spend, generally speaking. Charge up first, worry about the payment later, or rather if you can manage the minimum monthly payment then nothing to worry, life's go on. In the case of presidents, why worry about debt payment, pass the buck to the next guy or gal. Once you got a card, a credit card is like a bank loan with astronomical interst rate but you do not need bank approval before spending. Get more cards, more spending power.

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