View Full Version : And the first Domino Falls
seems Iceland is the first country to fall into bankruptcy, who will be next????
http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown_1
George Fergusson
10-08-2008, 04:31 AM
Next? I have no idea who's next. Eventually, all of them will collapse.
riverrat
10-08-2008, 07:09 AM
seems Iceland is the first country to fall into bankruptcy, who will be next????
How ironic I said the exact same thing last night in the chat room.
Sundance
10-08-2008, 09:03 AM
I have often wondered what would happen if the
USA just said.......... We're not paying....... (in regard
to the "debt".
riverrat
10-08-2008, 09:11 AM
I have often wondered what would happen if the
USA just said.......... We're not paying....... (in regard
to the "debt".
isnt that basically what bankruptcy amounts to.:scratch:
George Fergusson
10-08-2008, 09:18 AM
I have often wondered what would happen if the
USA just said.......... We're not paying....... (in regard
to the "debt".
We did that once, back in 1971(?) and the world blinked.
dragonfly
10-08-2008, 11:04 AM
seems Iceland is the first country to fall into bankruptcy, who will be next????
Ummm, California? :D
cow pollinater
10-08-2008, 03:50 PM
Ummm, California? :D
No. The government will "fix" the financial crisis and then free up billions of dollars for a California bailout and then we'll be able to move along like nothing was ever wrong, taxing and spending away like always.....:(
Yeah, you're probably right...We're next. The upside is that if our state government employees stop getting paid, they'll stop pretending to work.:)
dragonfly
10-08-2008, 03:52 PM
The upside is that if our state government employees stop getting paid, they'll stop pretending to work.:)
:D :D
George Fergusson
10-08-2008, 07:07 PM
Rumor has it Pakistan is teetering on the brink of bankruptcy. Given their role in the "war on terror", their proximity to Afghanistan, and the fact that they have nuclear weapons, this is disturbing.... maybe the US will bail them out too?
Pakistan Facing Bankruptcy
Monday 06 October 2008
by: Isambard Wilkinson, The Telegraph UK
Pakistan's foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy.
Islamabad - Officially, the central bank holds $8.14 billion (£4.65 billion) of foreign currency, but if forward liabilities are included, the real reserves may be only $3 billion - enough to buy about 30 days of imports like oil and food.
Nine months ago, Pakistan had $16 bn in the coffers.
The government is engulfed by crises left behind by Pervez Musharraf, the military ruler who resigned the presidency in August. High oil prices have combined with endemic corruption and mismanagement to inflict huge damage on the economy.
Given the country's standing as a frontline state in the US-led "war on terrorism", the economic crisis has profound consequences. Pakistan already faces worsening security as the army clashes with militants in the lawless Tribal Areas on the north-west frontier with Afghanistan
continued:
http://www.truthout.org/100708R
NeilV
10-08-2008, 07:21 PM
Maybe we could buy Pakistan's nucs nucs, mark them up and sell them to Iran, then sell some of our own nucs to everybody else in the Middle East. I think it's high time we got creative!!!!! ;)
Galaxy
10-08-2008, 07:30 PM
I have often wondered what would happen if the
USA just said.......... We're not paying....... (in regard
to the "debt".Wondering is fine. But, it has never happened and will not happen in any of our lifetimes. Does anyone believe that the country with the strongest, most productive, most adaptable economy and the strongest military in the world will default on its debts? That worry is not even on my worry list. By the way, I try to keep the worry list short.
George Fergusson
10-08-2008, 07:44 PM
Wondering is fine. But, it has never happened and will not happen in any of our lifetimes. Does anyone believe that the country with the strongest, most productive, most adaptable economy and the strongest military in the world will default on its debts? That worry is not even on my worry list. By the way, I try to keep the worry list short.
In 1971, much to the chagrin of the countries we owed gold to, Nixon canceled the Bretton Wood system. This amounted to defaulting on our debt.
Galaxy
10-08-2008, 08:48 PM
In 1971, much to the chagrin of the countries we owed gold to, Nixon canceled the Bretton Wood system. This amounted to defaulting on our debt.This is pure BS. The USA paid all its debts during and after 1971.
Galaxy
10-08-2008, 08:55 PM
Next? I have no idea who's next. Eventually, all of them will collapse.Your gloom and doom luck is running out George. You do realize that your are now betting against the central banks, the taxing authorities, and printing presses of all the economically important countries in the world.
By the way, you are also betting against the common sense, productive capacity, and ambitions of the people in all these countries. It is a bet that you are sure to lose.
Scrapfe
10-08-2008, 11:35 PM
Does anyone believe that the country with the strongest, most productive, most adaptable economy and the strongest military in the world will default on its debts?
Between dips of Bruten snuff my old granny use to say, "There's more than one way to kill a cat besides choking it to death on buttermilk." Granny had it in for cats.
Does anyone believe that the country with the strongest, most productive, most adaptable economy and the strongest military in the world will default on its debts?
By most measures this was pre WWI Germany. The most inventive, most progressive, strongest economic system on Earth, with 50% of world wide scientific discoveries year after year. They fought the English, French, Japanese and Italians to a stalemate, and utterly defeated the Russians and Serbians.
Read, Erich Remarquie's The Black Obelisk. A novel set in post WWI Germany when the German government was inflating its WWI debt and workers pensions away. Remarquie survived this hyper-inflationary time. You needed a wheel barrow of million Mark bank notes to buy a loaf of bread. If you left your cash unattended while waiting in line at the bakery, someone might dump your money on the ground and steal your wheel barrow. BTW, this hyper inflation paved the way for Hitler's rise.
George Fergusson
10-09-2008, 05:43 AM
By the way, you are also betting against the common sense, productive capacity, and ambitions of the people in all these countries. It is a bet that you are sure to lose.
Fortunately, I'm not betting anything I can't afford to lose :)
George Fergusson
10-09-2008, 06:00 AM
This is pure BS. The USA paid all its debts during and after 1971.
They expected gold and we gave them dollars. And they blinked. And the world has never been the same since.
Now you know why the dollar has been the defacto "world currency" and why the dollar is at risk. But I don't expect you to buy that.
George Fergusson
10-09-2008, 06:44 AM
Between dips of Bruten snuff my old granny use to say, "There's more than one way to kill a cat besides choking it to death on buttermilk." Granny had it in for cats.
Hehehe...
By most measures this was pre WWI Germany.
Exactly.
tecumseh
10-09-2008, 07:11 AM
riverrat writes:
isnt that basically what bankruptcy amounts to.
tecumseh:
as I have warned on numerous other occasions... often time bankruptcy and insolvency are often time confused. they are not equivalent... you can be bankrupt but very solvent or insolvent and not bankrupt.
it sounds to me especially since it would be difficult to get some $ number as to what a countries assets amounted to... to ever really say a country (or state) was actually bankrupt. solvency is a bit easier to prove since it would only be needed to demonstrate that current bills are in excess of liquid funds (ie cash or near cash assets).
riverrat
10-09-2008, 07:38 AM
Maybe we could buy Pakistan's nucs nucs, mark them up and sell them to Iran, then sell some of our own nucs to everybody else in the Middle East. I think it's high time we got creative!!!!!
Nuc trading overseas interesting.:scratch: Isnt it illegal to import and export bees to some countries:no: And to think I though you was a local okie beekeeping attorney:doh: you hide your operation well. I didnt know you bought and sold bees. You hid it well enough that I bet if you wanted to deal in Nuclear weapons you could without being detected But of course if you go that route you may want to know a good lawyer:D