Quizzes & Puzzles2 mins ago
Our Last Forty Eight Hours
38 Answers
On Thursday, if the US Govt doesn't secure an increase in its debt ceiling, the US will formally default on it's debts.
US Govt bonds will become redeemable.
In theory, all holders of bonds could ask for immediate payment.
If nobody does ... that's fine.
If anyone at all does ... like a couple of Tiger Economy bond holders ... the US can't pay them, and the US will be technically bankrupt.
There will be a rush on cashing US bonds, and they will essentially become worthless.
Massive reserves of bonds held by European countries will become instantly worthless.
The western world will be plunged into the fastest, and deepest, downwards recessionary spiral that we have ever seen.
The Great Depression will be nothing on Britain In 2013/14
So ... since, in forty eight hours, we might all be living in mud huts in a field, with no food or electricity, I wonder if we should say goodbye now, while we still have the Internet?
US Govt bonds will become redeemable.
In theory, all holders of bonds could ask for immediate payment.
If nobody does ... that's fine.
If anyone at all does ... like a couple of Tiger Economy bond holders ... the US can't pay them, and the US will be technically bankrupt.
There will be a rush on cashing US bonds, and they will essentially become worthless.
Massive reserves of bonds held by European countries will become instantly worthless.
The western world will be plunged into the fastest, and deepest, downwards recessionary spiral that we have ever seen.
The Great Depression will be nothing on Britain In 2013/14
So ... since, in forty eight hours, we might all be living in mud huts in a field, with no food or electricity, I wonder if we should say goodbye now, while we still have the Internet?
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actually, boxtops, I suppose they'd shut the doors then strip the shelves first before the customers could do it for them. So they would get the food and it's the shoppers who would starve.
I suppose I'd better get the DVD of one of those old TV series about living in neolithic villages; it might tell me how to slaughter pigs and grow turnips.
I suppose I'd better get the DVD of one of those old TV series about living in neolithic villages; it might tell me how to slaughter pigs and grow turnips.
One jno's posts reminds me of the ancient story about the small hog that saved a country family here in the U.S. by awakening them during a house fire. When the TV reporter came to interview the family and photograph the pig, the first thing noticed by the intrepid reporter was that the pig was missing one hind leg... When asked by the reporter what had happened, the head of the family responded that "You wouldn't want to eat a valuable pig like that all at one time, would you"?
But, on a more rational note... the U.S. current debt is at nearly $17 Trillion (with a "T"). To borrow more money the legal deb ceiling needs to be increased by midnight tomorrow night. Having said that, our monthly payment of interest on that debt is $80 billion... but... but, our national sum of all taxes and other income is over $250 billion... more than enough to pay the interest,, which is really all the bond holders are concerned about.
Problem is, our great and glorious leader and his party has increased that debt by over half in just the last 4 years and at some point (most economists predict the year 2020) the debt payment will be unsustainable, but the Democrats still want to continue spending beyond any reasonable restraints, much less living within our means.
I suspect, without really following it, many countries, maybe including Great Britain, find themselves in the same badly listing boat. As the venerable Ms. Thatcher opined, "The problem with socialism is you finally run out of other peoples money"...
But, on a more rational note... the U.S. current debt is at nearly $17 Trillion (with a "T"). To borrow more money the legal deb ceiling needs to be increased by midnight tomorrow night. Having said that, our monthly payment of interest on that debt is $80 billion... but... but, our national sum of all taxes and other income is over $250 billion... more than enough to pay the interest,, which is really all the bond holders are concerned about.
Problem is, our great and glorious leader and his party has increased that debt by over half in just the last 4 years and at some point (most economists predict the year 2020) the debt payment will be unsustainable, but the Democrats still want to continue spending beyond any reasonable restraints, much less living within our means.
I suspect, without really following it, many countries, maybe including Great Britain, find themselves in the same badly listing boat. As the venerable Ms. Thatcher opined, "The problem with socialism is you finally run out of other peoples money"...
