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Thread: US gubmint shutdown + default + subprime sequel?

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    Darkside Medic Senior Member rory_20_uk's Avatar
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    Default Re: US gubmint shutdown + default + subprime sequel?

    Quote Originally Posted by InsaneApache View Post
    If the US goes tits up it;s nucular.
    Think it through. Suddenly the world's reserve currency is worthless. Why trust the Euro, pound or yen? Best keep liquid assets... erm. What exactly? And who is going to sell it?

    If one relatively small institution can cause market paralysis, the biggst one in the world going belly up with uterly destroy the world as we know it.

    An enemy that wishes to die for their country is the best sort to face - you both have the same aim in mind.
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    Enlightened Despot Member Vladimir's Avatar
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    Default Re: US gubmint shutdown + default + subprime sequel?

    Quote Originally Posted by rory_20_uk View Post
    Think it through. Suddenly the world's reserve currency is worthless. Why trust the Euro, pound or yen? Best keep liquid assets... erm. What exactly? And who is going to sell it?

    If one relatively small institution can cause market paralysis, the biggst one in the world going belly up with uterly destroy the world as we know it.

    That's an excellent point because as of now, no one, not even China, is in a position to take the dollar's place. I'm sure they'll smarten up though.


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    Darkside Medic Senior Member rory_20_uk's Avatar
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    Default Re: US gubmint shutdown + default + subprime sequel?

    If the dollar went, let's not forget the Rinimbi looses about 1 TRILLION dollars of foreign reserves just like that. It also looses the market for most of its manufactured goods. Perversely, the Rinimbi is strong because the dollar is. Until China's economy grows to be much larger internally it is as vunerable as everyone else.

    An enemy that wishes to die for their country is the best sort to face - you both have the same aim in mind.
    Science flies you to the moon, religion flies you into buildings.
    "If you can't trust the local kleptocrat whom you installed by force and prop up with billions of annual dollars, who can you trust?" Lemur
    If you're not a liberal when you're 25, you have no heart. If you're not a conservative by the time you're 35, you have no brain.
    The best argument against democracy is a five minute talk with the average voter. Winston Churchill

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    Default Re: US gubmint shutdown + default + subprime sequel?

    If you can't stay afloat, go under. Simple Business 101.

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    Darkside Medic Senior Member rory_20_uk's Avatar
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    Default Re: US gubmint shutdown + default + subprime sequel?

    Another one is "don't lend to insolvent people".

    The whole point of a "free market" is a system where there is multiple redundancy so if one thing goes there are many others to pick up the slack and systems are corrected early. neither of these have happened.

    So, a more appropriate adage is: owe the bank £1000, you're in trouble. Owe the bank £10,000,000 the bank is in trouble.

    The system has no redundancy and debt has been given to those who have no realistic way of repaying it for too long. But for "natural selection" to take its course would bring down the system all together.

    An enemy that wishes to die for their country is the best sort to face - you both have the same aim in mind.
    Science flies you to the moon, religion flies you into buildings.
    "If you can't trust the local kleptocrat whom you installed by force and prop up with billions of annual dollars, who can you trust?" Lemur
    If you're not a liberal when you're 25, you have no heart. If you're not a conservative by the time you're 35, you have no brain.
    The best argument against democracy is a five minute talk with the average voter. Winston Churchill

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