Financial crisis: Default by the US government is no longer unthinkable

Financial crisis: Default by the US government is no longer unthinkable

www.telegraph.co.uk

Power has tangibly shifted - away from the United States and the Western world generally, and towards the fast-growing giants of the East. That's been happening for some years now.

But September 2008 marks the moment when the scale of our excesses, the extent of our debts and the moral bankruptcy of our financial regulatory system finally began to be truly exposed.

I say began to be exposed. Back in March, Standard and Poor's, the US ratings agency, estimated some $285bn (£156bn) of mortgage-backed securities would eventually be written-off by the global banking sector. On Friday, almost unnoticed amid the panic, that forecast was upped to $378bn.

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No longer unthinkable is the fact that regardless of economic status, gender, religion, age, nationality, race or ANY other factors, people everywhere will all become the victims of greed.

Sooner or later someone had to pay the tab and now we will all pay a share of that tab in a multitude of ways.

Meanwhile in China.....

www.telegraph.co.uk
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Originally posted by tsEnigma
I'm afraid there are some who are hoping for it

Hope is a unique word. Hope is what we have when there is nothing else to rely on.

The thought that things could actually have gotten this bad this close to an election did pass my mind some months ago when oil prices began to climb. But even for me, (an Alarmist) I didn't imagine such a colossal mess and financial crisis as we are faced with at the moment.

I'm still not totally sure what to make of all of this. I am worried but more suspicious than ever about what this all means, and who ultimately will benefit from it.

[edit on 21-9-2008 by The_Alarmist2012]

reply to post by The_Alarmist2012

Nice find. Well, for our luck, approximately 2-3 billion people will kick the ass of around 0,5 - 1 million greed elites, whose caused this problem and nothing, not even their almighty money will save them. We just need to sit back and relax, or better join to the mob and stand into the line to have a chance to hit them where ever we can. The best is, our world, including our economy is always making itself to balanced sooner or later. Maybe within few weeks, the wealthiest people will sell apples on the corner, because they lost everything because of their greed. And do you know what you must say to these sort of people? BWAHAHAHAAA! You deserved it greedy moron. Justice has been served.

The best is, do you know what will come after a great financial meltdown? Back to the peaceful 50s, where everyone is started their life again and almost everyone was equal again. But I hope we will learn from our mistakes this time.

[edit on 21-9-2008 by Sheridan]

Originally posted by Sheridan
The best is, do you know what will come after a great financial meltdown? Back to the peaceful 50s, where everyone is started their life again and almost everyone was equal again. But I hope we will learn from our mistakes this time.

I LIKE That Sheridan, Sounds GREAT !

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