Who cares about Europe or Greece, we’ll pay the price here on the mainland one way or the other.
Why are we limiting the speculation of default to countries in Europe? The Federal Government is borrowing $0.42 of every dollar it spends.
And there’s no end in sight.
We’ll be defaulting soon enough.
Greece has been taking subsidies from the Eurozone (mostly Germany and France) to support their socialist policies and now has done their debt swap that has killed their bond holders, much like bambi did with GM.
They can't last - they will default completely. No one will get out alive. The United States is close behind due to bambi's obscene deficits. Anyone who believes we can't default is living in a dream world. China has been dumping our debt for the last couple years. They are not as stupid and look towards the future.
Mark these words: We are headed into either a national or world-wide recession again - maybe a depression. SELL and put your money into money-market funds! Or buy gold, and I'm not a gold bug. I see the writing on the wall.
I've been waiting for the "double-dip" recession due to bambi's policies. I may be a year a late, but it is inevitable. I keep my retirement in cash, although I wish I had bought Apple a year or so back. Coulda, shoulda, wouldna, but I sleep well at night.
Last thought: Israel attacks Iran. Think what that will mean to the world economy. The markets WILL tank! It's an absolute. Look for buying opportunities after things start to settle down. I gained most of my losses back from late 2008 by buying good solid companies after the March 2009 lows. It may take longer now if many countries tank (think: Greece, Italy, Spain, et al) and the world goes into a Japan type stagnation, which we are kinda there already.
This was started by Obama when the GM and Chrysler went bankrupt and the unions got priority over the bondholders and other secured creditors.
Now the governments are welshing on their debts. The foundation of the credit markets is crumbling.
They knew this was coming....the whole affair is all about moving revenue with an appearance of assisting countries....and a host of other underhanded malarky going on.
I just listened to “Jeffery Sachs” at the UN.... the fellow who is seeking the position of World Bank Pres. Oh my gosh! He totally permotes and supports the Occupy Movement, International Abortion, opposes oil companies, permotes shared responsibility for wealthier nations to poorer ones, and totally in the tank for Global Warming.... and he blasted the United States at every chance he could, he is a disgusting man and these are who are planning to run the World Bank!!! He was beyond appauling!
Gold.
Gold and guns and fertile land.
Our own default process will be more interesting. Will Iran be dealt with before our own collapse, or will we all pay the consequences of neglect and lack of discipline during the economic collapse?
A $3.2 billion default? Isn’t that what we borrow in less than 1 and 1/2 hours?
Let’s see.
The ‘G’ in PIIGS has come home to roost.
Pat, I’d like a ‘P’ please!
It’s all being held back artificially until after our election here. The financial collapse, Israel/Iran, and who knows what else.
Hold it back until......oh.....about December 21?
/maybe just a little sarcasm