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Debt crisis threatens world economy


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#1    Big Bad Voodoo

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Posted 04 October 2013 - 10:27 PM

http://www.theguardi...crisis-shutdown

Shares in New York fell sharply on Thursday after the US Treasury warned that the budget fight between Republicans and Democrats in Washington risked plunging the world's biggest economy into its worst slump since the Great Depression.


....

I wonder how much of all this was planed by Morgan and similar?

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#2    Jeremiah65

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Posted 04 October 2013 - 10:39 PM

They need to raid your retirement mutual funds again.

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#3    Kowalski

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Posted 04 October 2013 - 11:44 PM

I don't trust a d**** thing the IMF says.... Not at all....

View PostJeremiah65, on 04 October 2013 - 10:39 PM, said:

They need to raid your retirement mutual funds again.

Their after that and the pension plans....


#4    Leonardo

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Posted 04 October 2013 - 11:56 PM

Meh. Just default and get this crisis over and done with. At least then we won't have to put up with "World In Financial Meltdown" headlines every 6 months.

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#5    spartan max2

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Posted 05 October 2013 - 12:41 AM

Wohooo lets all burn :gun:

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#6    Raptor Witness

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Posted 05 October 2013 - 06:12 AM

The madness that we've seen recently in Washington clearly isn't confined to people with a diagnosed mental illness.

The movers and shakers are infected with the same spirit of chaos, which will grow to levels not seen since the Dark Ages, I suspect.

Rich or poor, it won't matter. The only hope is for debt forgiveness across the entire spectrum of civilization.

All the books must be reset, if this is to succeed. If you owe a mortgage on your house, you will own it. If you owe credit card debt, you're balance is reset to zero. If you have a student loan, it's forgiven in the blink of an eye. All liabilities could be instantly turned into assets, but it would have to be across the board, with no exceptions, including nations, if this is to succeed.

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#7    acidhead

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Posted 05 October 2013 - 06:22 AM

You're on glue.

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#8    and then

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Posted 05 October 2013 - 06:33 AM

View Postacidhead, on 05 October 2013 - 06:22 AM, said:

You're on glue.
Actually I think something very like this will be the final solution.  At least it will be "sold" as an amnesty and a reboot.  But the truth is that the wealthy will still control everything and the average person will find some sort of servitude to be the price for this largesse from the government.  I'm not smart enough to explain how the mechanisms of it all would work but I see no other way out of this level of debt.

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  for what could be, the darkest age...
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#9    Sir Wearer of Hats

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Posted 05 October 2013 - 10:19 AM

View Postacidhead, on 05 October 2013 - 06:22 AM, said:

You're on glue.
Honestly, I think it's the only way forward. It'll be a seachange, instantly you revive the economy like a shot of adrenaline to the heart - kill or cure, with a lot of risk and damage but it'll save the patient.

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#10    Frank Merton

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Posted 05 October 2013 - 10:32 AM

Pull something like that and no one will ever invest or loan again.  Unbelievably stupid.


#11    Sir Wearer of Hats

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Posted 05 October 2013 - 11:07 AM

It'd stimulate the economy, which is all that matters (to some people) right now.

I must not fear. Fear is the Mind-Killer. It is the little death that brings total obliteration. I will face my fear.
I will permit it to pass over me and to move through me. And when it is gone I will turn the inner eye to see it's path.
When the fear is gone, there will be nothing.
Only I will remain.

#12    Frank Merton

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Posted 05 October 2013 - 11:09 AM

View PostSir Wearer of Hats, on 05 October 2013 - 11:07 AM, said:

It'd stimulate the economy, which is all that matters (to some people) right now.
How?  Seems to me it would halt all economic activity.  How for example are employers going to pay wages after something like that?


#13    lightly

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Posted 05 October 2013 - 11:15 AM

A LOT of debt is already being   paid off  by Tax Payer money.. as part of the Bank "bailout".     If you were stupid enough to get into over $10,000 worth of credit card debt..   and show no obvious signs of ever being able to pay it off.. you may Qualify for   "debt relief" .  

Of course it's being touted as helping People in debt... but the obvious truth is  .. it's to benefit the banks that were handing out credit cards irresponsibly.

   There are many forms of Debt "relief"  going on...   all at tax payer expense.

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#14    Frank Merton

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Posted 05 October 2013 - 11:18 AM

View Postlightly, on 05 October 2013 - 11:15 AM, said:

A LOT of debt is already being   paid off  by Tax Payer money.. as part of the Bank "bailout". If you were stupid enough to get into over $10,000 worth of credit card debt..   and show no obvious signs of ever being able to pay it off.. you may Qualify for   "debt relief" .  

Of course it's being touted as helping People in debt... but the obvious truth is  .. it's to benefit the banks that were handing out credit cards irresponsibly.

   There are many forms of Debt "relief"  going on...   all at tax payer expense.
Sometimes I think the US government is really stupid.  Can't they see that this sort of thing is just an invitation to do it again, plus hugely unfair to the frugal?


#15    Sir Wearer of Hats

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Posted 05 October 2013 - 12:07 PM

View PostFrank Merton, on 05 October 2013 - 11:09 AM, said:

How?  Seems to me it would halt all economic activity.  How for example are employers going to pay wages after something like that?
Simple really, instead of having to pay off loans and debts people will have more money to spend on other things.

I must not fear. Fear is the Mind-Killer. It is the little death that brings total obliteration. I will face my fear.
I will permit it to pass over me and to move through me. And when it is gone I will turn the inner eye to see it's path.
When the fear is gone, there will be nothing.
Only I will remain.




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