Joyce warns of bigger GFC (Global Financial Crisis)

Joyce warns of bigger GFC (Global Financial Crisis)

www.theage.com.au

THE Nationals Senate leader Barnaby Joyce is openly canvassing an economic upheaval that would dwarf the current global financial crisis, triggered by the US defaulting on its sovereign debt within the next few years.

In unusually pessimistic comments for a senior political figure, Senator Joyce said the US Government was running such large deficits and building up so much debt that it was in a similar position to Iceland or Germany before World War II.

(visit the link for the full news article)

Sheesh....Is this what it may really be coming down to?

DEFAULTING?!?

Are these people just going to keep racking up more and more debt until it just can't ever be repaid and the dollar zeroes out?

It sure doesn't look like they are even slowing down at this point, and we are like a freight train careening full speed into the side of a mountain.

Pretty alarming when leaders of OTHER countries are making DEFAULT plans due to our leaders endlessly wreckless fiscal irresponsibilities...

www.theage.com.au
(visit the link for the full news article)

And the really twisted thing thats happening even more is that LOCAL governments are following the lead of the Federal, believing its good for them to do as well. More and more townships, boro's, etc are commiting to and passing budgets and project expenditures WITHOUT the means to pay them when they come due.
Its going to be one big plop in the swirling water when this all hits and I dont see it taking a few years, I'd say a few quarters.

reply to post by DimensionalDetective


Interesting...


This makes me wonder what those who thought it a good idea to leave the gold standard behind thought we would do in this situation?

Did they think America couldn't fail or that we had an army big enough to fight off international debt collectors?

I'll be looking forward to the day when I can buy substandard goods for less cost and lower quality than the Chinese produce from an American 3rd world sweatshop..

Nike "Just Do It"?

The irony