[tiki]

For all you financial people out there...what is going to happen when almost every country goes broke?

How do we get out of this mess, not just us but most of the whole world.

[reefdiver]

zer0 will devalue the dollar, big time and soon. inflation will roar. It will be very sad, homeless camps, crime, and it won’t be like the 30s nope, a lot of the population is on drugs, legal or not they are on them, they will want their fix.

[Phillipian]

Actually not that hard. A year of jubilee. All debts cancelled.

China won’t like it though.

[firebrand]

Get ready for the eartho.

[mjp]

How do we get out of this mess, not just us but most of the whole world.

laissaz-faire capitalism, not mixed economy or socialism:
1)privatization of property
2)freedom of production and trade
3)abolition of the welfare state
4)abolition of the income and inheritance taxes
5)establishment of gold as money
6)pro-capitalist foreign policy
7)separation of state from Education, Science, and Religion

[Cronos]

For all you financial people out there...what is going to happen when almost every country goes broke?

I don't believe that will happen to every country. Iceland, Estonia are examples of loose regulation, Greece is of extreme profligacy as is Spain.

Germany is doing pretty well, as is, to a lower extent France and Japan.
The UK is muddling through, wounded, but it will get through.
Ditto for the US (unless the beloved, great, awesome, super-duper, all-knowing, all-seeing President screws it up) -- the US will not default, but under Obama, we WILL lose our prestige and our position in the world (in many ways I'd stick my neck out and say we've already lost it). My fear is that Obambi ruins the US so badly by getting it so hooked on freebies, that the US will go into a terminal decline.

Among the developed world -- China, India, Brazil, Russia, Indonesia, Thailand are doing well, Malaysia's export driven economy is a worry as it's under threat from both India and China. The Philippines is poor enough already so this can't hit it further even though it is tied to the US economy. The Middle East --> well, they have oil, as long as the US consumer keeps buying gas guzzlers, the US will pay for the Arabs profligacy and also pay for terrorist training camps. Africa is, well, forget about it :(

Latin America, Turkey -- I don't know enough to comment

Eastern Europe -- some will go down (the ones who opened up too quickly), some will muddle through (like the Czechs), and some may actually prosper.

A separate note here for Ireland. They've cut the salaries of government employees (the PM has taken a pay cut too) and have shrunk their government. In my opinion, doing this and more importantly, their WILLINGNESS to do this puts Ireland in a very good position to not default and, instead to prosper.

Of course, all of this is purely my personal, humble, opinion

[Freedom_Is_Not_Free]

Wars.

[caww]

Soros’s dream is to have all monetary systems worldwide under one roof....he’ s soooo known for taking down countries systems...to achieve that and plays with countries like a pawns on a cheessboard...not to mention Bo is his current King on that board.