The August 2 "Armageddon"

Buzz By Buzz, 17th Jul 2011 | Follow this author | RSS Feed
Posted in Wikinut>Writing>Columns & Opinions

The world is awaiting with bated breath and trepidation the outcome of frantic negotiations between the White House and polarized US lawmakers to prevent an August debt default with global repercussions.

In the News

Economic "Armageddon" is how US President Barack Obama described what would result from failure to forge an elusive deal to avert an early August debt default with ruinous global consequences. So far, frantic negotiations between the Obama presidency and the Republican-led US Congress have reached an impasse with Senate leaders working on a last ditch compromise.

According to AFP reports, "Obama renewed his preference for a 'grand bargain' slicing deep into spending, cutting entitlement programs dear to his fellow Democrats, but Republicans have flatly rejected his call for higher taxes on the rich." If the debt ceiling is not adjusted very soon, economists and business leaders have warned that the US government will default on its debts by August 2 which "could send shock waves through a world economy still reeling from the 2008 collapse."

Is the world economy, then, teetering on the brink of collapse again on the back of looming breakdown of crisis talks in the US? With time running out, let's hope the White House and the US Congress are quick to arrive at a win-win financial solution to head off economic collapse that will affect people's lives the world over.

"Armageddon"? God forbid!

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Buzz, Creditor China, Debt, Debts, Economic Crisis, Economic Trends, Economics, Economy, Eurozone, Unemployment, Us Debts, Us Economy, World Economy

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Author is retired and a homebody and loves reading, writing, playing the piano and the guitar.

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Comments

author avatar Steve Kinsman
17th Jul 2011 (#)

Regardless of what happens, I think we're headed for economi collapse. We can expect the Republicans to be perfectly happy to let this happen, so they can blame it all on Obama and the Democrats and re-take power. They are that callous and uncaring of the people's welfare. Great article. Thank you Buzz.

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author avatar Buzz
18th Jul 2011 (#)

Wow! What a grim prospect we all face if that is true!

Thanks, Steve, for the comment.

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author avatar Denise O
17th Jul 2011 (#)

I find BOTH sides of the aisle are playing games. To say it is just one party is ludicrous and well, just not the truth. By the way, both sides of the aisle have always done what was best for them and their re-election, so sad. Thank you for sharing.:)

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author avatar Buzz
18th Jul 2011 (#)

How sad, indeed. Playing politics in total disregard for the people's welfare. Thanks, Denise.

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author avatar David Reinstein,LCSW
17th Jul 2011 (#)

Politics is a game of Egos... a game in which Fun is not the object. Rather, the goal is the destruction of those who disagree. They all make me ill.

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author avatar Buzz
18th Jul 2011 (#)

Disquieting it is, David. Thank you for the share.

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author avatar Retired
17th Jul 2011 (#)

Nicely written article. I agree with Steve Kinsman. I think that even if they do come to a compromise, a collapse will have somewhere down the line. The truth is that the United States will probably never pay off it's debt.

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author avatar Buzz
18th Jul 2011 (#)

What an awful scenario. Thanks, prospectboy.

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author avatar Carol Kinsman
17th Jul 2011 (#)

Sadly, I think they are all in the same club together. I'm disgusted with all of them right now. This country is quickly going down the drain due to their inability to work together. I'm so glad that I gave up watching the news channels. Nice article. Thanks, Buzz.

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author avatar Buzz
18th Jul 2011 (#)

I never watch the news on TV, too, Carol, because they only incite angst. Next time I won't read the papers!

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author avatar satan fury
17th Jul 2011 (#)

The economy has not recovered yet from the recession and yet an economic collapse is on its way. I believe it will happen regardless. A very well-written article. marlene

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author avatar Buzz
18th Jul 2011 (#)

That's true, Marlene. If that happens, I don't know how we're all going to manage, the way things are.

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author avatar Neha Dwivedi
17th Jul 2011 (#)

a very well- written article buzz.well i don't actually have the right to say anything for or against America but i just hope the best for it..thanks for sharing.

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author avatar Buzz
18th Jul 2011 (#)

Geeta, the US is the world's biggest economy. When she sneezes, as they say, we all catch cold. Let still hope for the best. Thanks for the comment.

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author avatar Delicia Powers
18th Jul 2011 (#)

Amen to that Buzz!

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author avatar Buzz
18th Jul 2011 (#)

Thanks so much, Delicia. Bless you!

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author avatar Songbird B
18th Jul 2011 (#)

Wow, Buzz! That was written almost as a news flash! What a great overview..What a powerful write...

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author avatar Buzz
18th Jul 2011 (#)

Thanks, Songbird, my friend. I thought I had to write it, with such high stakes.

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author avatar ppruel
19th Jul 2011 (#)

Ever since when US is facing financial crisis - the whole world is affected...Hanep ang iyong review dude.

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author avatar Buzz
19th Jul 2011 (#)

Oo nga kabayan eh. Thanks for dropping by.:)

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author avatar Buzz
19th Jul 2011 (#)

ATTENTION: WIKINUT: Mark Gordon Brown.

This present article has been PLAGIARIZED by this user on YOU SAY TOO named dennisalbiso. Click: http://www.yousaytoo.com/the-august-2-armageddon/903234

Mark, what can I do about this???

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author avatar Rathnashikamani
16th Aug 2011 (#)

Good points, Buzz.
Now you can write a follow up page, I think.

I checked for the YST page you referred above. The page doesn't exist now.

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author avatar Buzz
16th Aug 2011 (#)

Thanks for checking friend Rath. I guess he must have been penalized already and I don't want to add to the poor man's strain and what befall him. Thanks for adverting to this issue.

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author avatar Phoenix Montoya
20th Jul 2011 (#)

We will manage. Here, in the Phil it's always Armageddon. Good share kabayan and good luck about your plagiarized content. I've checked out the link. Its really annoying isn't it? And thanks.

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author avatar Buzz
20th Jul 2011 (#)

You can say that again, kabayan. We in the Philippines are used to Armageddon.:) Why, I had no idea you're from here, too. Well, I've already contacted wikinut about this infringement. I'll see you around, kabayan. Salamat.

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author avatar Spicy
23rd Jul 2011 (#)

Very good posting Buzz.

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author avatar Buzz
24th Jul 2011 (#)

Thanks again, Spicy.

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author avatar Elijah
29th Jul 2011 (#)

i find it odd that the last person to make August 2 significance between Armageddon and the rise of the sothic star (Julian July 20 on Gregorian Aug 2) was Saddam Hussein whose choice of seeing that star rise on its first day must occur on the 30th parallel from Giza to Cairo and the Kuwait border. He even built his army the 70 days the star is absent. Now that was a Moslem prediction of Armageddon (mother of battles). Is this our Christian president's prediction?

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author avatar Vernazoa
12th Sep 2011 (#)

The fabric of our lives is turning up side down. It's going to be everyman for himself. I still hope for love and friends
I feel the crunch now.

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author avatar Buzz
13th Sep 2011 (#)

You're not alone, Verna my friend. The crunch is felt worldwide. Thanks for sharing.

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