38 replies to this topic

[Tesla II]

Well now France admitted they are over, finito, game over for them...

Quote

Yesterday Michel Sapin, who is in charge of the employment ministry in Paris, made it clear the government's tax-and-spend policies were not working.
He said: ‘There is a state but it is a totally bankrupt state.

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Any thoughts on who is next?

[Sir Wearer of Hats]

Well as the American government will never admit it ... Mexico.

[and then]

Wearer of Hats, on 30 January 2013 - 10:20 PM, said:

Well as the American government will never admit it ... Mexico.

Isn't that odd though?  It shouldn't matter what the American government is willing or unwilling to admit about our debt and the reality that it will never be paid.  The other governments of the world should have called us on it long ago -I wonder why they don't?  Maybe because they are all as guilty and they also don't have a solution for this magical pile of paper we have all created?

[Sir Wearer of Hats]

and then, on 30 January 2013 - 11:55 PM, said:

Isn't that odd though?  It shouldn't matter what the American government is willing or unwilling to admit about our debt and the reality that it will never be paid.  The other governments of the world should have called us on it long ago -I wonder why they don't?  Maybe because they are all as guilty and they also don't have a solution for this magical pile of paper we have all created?

More likely it's a case of ignoring the elephant in the room because this elephant keeps their own economies going, "when America sneezes, the world catches a cold" that sort of thing. It may very well turn out that we in Australia will have to use the shale oil deposits in order to save our economy.

[Wickian]

We are pretty big consumers.  Entire economies would collapse without us to buy the products they produce.  It's going to be interesting to see how the whole "we owe more money than physically exists" thing will pan out.

I think around 1.2 trillion dollars exist.

Edited by Wickian, 31 January 2013 - 03:16 AM.

[coolguy]

I wonder if he got the idea from Obama lol.

[Yamato]

Tesla II, on 30 January 2013 - 10:07 PM, said:

Well now France admitted they are over, finito, game over for them...

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Read more: http://www.dailymail...l#ixzz2JV0IE400
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Any thoughts on who is next?

I think the whole of Europe is going to pay the Piper when the German taxpayers stop spiking the punch bowl that Europe is still getting drunk on.   Germany is trying its best to keep up appearances and be a good community service provider, propping up Europe's interests in centralized power to keep up with the Joneses with its feel-good rose-petal rhetoric but that charade is going to hit the skids and all this time and money is going to soon be realized what a terrible waste its been.   This article is but one of many similar articles yet to come.  Michael Sapin is just one of the earlier honest voices that are going to throw their hands up and admit the moral and financial bankruptcy they really are.

[Frank Merton]

and then, on 30 January 2013 - 11:55 PM, said:

Isn't that odd though?  It shouldn't matter what the American government is willing or unwilling to admit about our debt and the reality that it will never be paid.  The other governments of the world should have called us on it long ago -I wonder why they don't?  Maybe because they are all as guilty and they also don't have a solution for this magical pile of paper we have all created?

Odds are the debt will be repaid.  What has to happen is to get the US growing at a faster pace.  Absent political or physical disaster, this is slowly being achieved.  The WWII debt, relatively much larger, was repaid that way.  I think the governments buying US treasuries understand this, and in the meantime have a much safer place to stash excess capital than anything else.

[Tesla II]

Great to see so many people are in touch with current events. We just need a solution before it happens to others. Since Obama hasnt offered anything, he dodges this question as it was brought from hell, only solution i heard came from Larouche and many other professors worldwide. They all agreed that best option to prevent any more damage to economy and stability, is to reverse whole thing back to Glass steagall act.

[Mr Right Wing]

Tesla II, on 30 January 2013 - 10:07 PM, said:

Well now France admitted they are over, finito, game over for them...

Any thoughts on who is next?

If France goes it will take the UK, Spain and Italy with it.

[questionmark]

Mr Right Wing, on 31 January 2013 - 02:36 PM, said:

If France goes it will take the UK, Spain and Italy with it.

No fears,the Germans will bail them out.

[Tesla II]

questionmark, on 31 January 2013 - 02:48 PM, said:

No fears,the Germans will bail them out.

I agree but for how long? Even Germany will run out of funds soon and when that happens EU will be done for..
You will see country after country going bakrupt. Only Germany is keeping EU zone somewhat of stable

This all is now just a mtter of time tommorow,next week, next month.. As US will effect us so will EU affect US..

[Br Cornelius]

Banks have a vested interest in not letting their clients go bankrupt - so they will carry on printing imaginary money to allow their addicted clients to keep on paying them back. A circle with only one end point. One day the world will wake up and leave the banks holding the imaginary debt they invented out of thin air. That day is indeed coming and it will cascade like a domino snake all the way to everyones back doors. No one will escape this day of reckoning.

Br Cornelius

[Frank Merton]

Tesla II, on 31 January 2013 - 02:54 PM, said:

I agree but for how long? Even Germany will run out of funds soon and when that happens EU will be done for..
You will see country after country going bakrupt. Only Germany is keeping EU zone somewhat of stable

This all is now just a mtter of time tommorow,next week, next month.. As US will effect us so will EU affect US..

I wonder if you have any idea of where money comes from.  Governments don't run out of it (unless they have tied their hands with some treaty like the Eurozone).

[questionmark]

Tesla II, on 31 January 2013 - 02:54 PM, said:

I agree but for how long? Even Germany will run out of funds soon and when that happens EU will be done for..
You will see country after country going bakrupt. Only Germany is keeping EU zone somewhat of stable

This all is now just a mtter of time tommorow,next week, next month.. As US will effect us so will EU affect US..

Well, let me put it this way: despite bailing out half of Europe the German treasury is still collecting enough money that a balanced budget for 2013 would have been possible... were it not for the governing parties passing out presents for the upcoming elections postponing the balancing to 2014.