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What happens if the US defaults?

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posted on Jul, 26 2011 @ 03:13 AM
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This is a theory about what would happen if the US defaults:





Uncharted territory but two scenarios emerge

Worst case:

Higher interest rates on mortgages, credit cards and loans
Government unable to pay wages to staff, including military
Social security cheques stopped
Turmoil on international markets

Better case:

Default could be avoided by paying creditors, at expense of slashing spending

Sources: Associated Press, CBS, ABC



www.bbc.co.uk...


Additionally, who do you side with? Obama or Boehner? I personally think that Boehner is the only one talking any sense here:





posted on Jul, 26 2011 @ 03:15 AM
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objectsinmotion.org...



So what happens if the debt ceiling doesn’t get raised? It would go something like this…

The government needs 4.5 trillion dollars to fund itself completely, but because the debt ceiling did not get raised, and as a result, it only has 4.0 trillion. If the United States wants to avoid a massive Treasury sell off and subsequent currency crisis, it must honor it’s debts first. So the government pays the proverbial mortgage by servicing the debt, which is good, because it keeps the roof over our head. But, as far as all the other expenses are concerned, they are still 500 billion dollars short. This is were the fun begins, this is also when every politician in D.C. starts to have a panic attack.

No additional revenue, no additional credit, meaning, there is now no choice but to cut half a trillion dollars out of the budget, immediately. No time for bargains, no time for B.S., not even enough time to make a political circus about it on T.V.

Do they cut Medicare? Defense? Close Departments? Have a mass Federal Layoff? It won’t be just one of those things either, it would be a combination, but make no mistake, 500 billion dollars would have to be cut immediately, all they have to do is decide where….

That is why they drum up as much fear as possible, to scare you into thinking that the government doesn’t need to fix it’s budget, or tighten it’s belt. But the reality of the situation is this, it doesn’t matter what the government “needs”, all that matters is what it can afford. If the government can’t even pay for it’s every day operations without borrowing money from someone, It’s pretty evident that it can’t afford a whole lot.



posted on Jul, 26 2011 @ 03:20 AM
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I think a classic saying is apt here:

If America sneezes, the whole world catches a cold!



posted on Jul, 26 2011 @ 03:25 AM
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I'm so sick of all of this... just CUT FROM THE PENTAGON. whether or not it's imperative that we're in both Iraq and Afghanistan (which, of course, it's not) we need to just pick one and come home from the other
vote Ronnie P.



posted on Jul, 26 2011 @ 03:26 AM
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You would lose your top notch AAA credit rating, threatening higher interest rates in the us, forcing up inflation and also sending shockwaves across the world..

As the worlds largest economy, any crisis in the US would have a catastrophic effect on the whole world.. Notably in trade. Here in the uk experts fear a credit rating downgrade in the US would inevitably push the uk back into recession and as a result our output (GDP) could fall by at least 3% by the end of 2011

But seeing as the debt ceiling has already been raised ten times In the past decade and many believe US politicians are simply playing out a high stakes game of poker before next weeks deadline.



posted on Jul, 26 2011 @ 03:27 AM
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These jive talkers aint doin nothing but ROBBING YOU BLIND! What part don't you people get? THEY ARE PLAYING YOU FOR FOOLS. They're stealing all the real money...and giving you PAPER/CREDIT, in return. Think about it? What do you actually own??? NOTHING!

I also want you to think about this....when disaster strikes...who's gonna help you? F.E.M.A.? Obama??? Anyone in the government??? Blind faith...is what you people have. You're better off believing in "God" cuz the people you can see....ain't doin' your lives no good!!!

I'll also add this....the baby boomers are gonna use up all the social security; so generation x and y...good luck in your elderly years...cuz there will be NO MONEY for your retirement!



posted on Jul, 26 2011 @ 03:27 AM
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What will happen, and it WILL (dont live in an illusion)

You will be so poor that you have no idea what to do. You will become an animal in behaviour within 2months.



posted on Jul, 26 2011 @ 03:33 AM
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Originally posted by TribeOfManyColours
What will happen, and it WILL (dont live in an illusion)

You will be so poor that you have no idea what to do. You will become an animal in behaviour within 2months.



Maybe thats why there's so many survival shows on tv now like man vs wild... subliminal hints to get ready for tribal life



posted on Jul, 26 2011 @ 03:34 AM
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reply to post by TribeOfManyColours
 


When the economy booms, so does immorality. Just look at how people behave during a bubble.

I think we'll see a return to traditional values with the collapse.



posted on Jul, 26 2011 @ 03:39 AM
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Originally posted by TribeOfManyColours
What will happen, and it WILL (dont live in an illusion)

You will be so poor that you have no idea what to do. You will become an animal in behaviour within 2months.



I mean the majority of US will show this kind of behaviour. They wont know what hit them.
I think most members here would be reasonably fine.


Here's a little help



ebookbrowse.com...
edit on 26-7-2011 by TribeOfManyColours because: (no reason given)



posted on Jul, 26 2011 @ 03:39 AM
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The thing is, we almost all know that America is not going to default, the damage it would do to the Wall street handlers would be too great. It's all political theatre. A little cruel in my opinion, playing around with the future of Americans lives like its some sort of game. It's an insult to all Americans, no matter what side of the political spectrum your on.



posted on Jul, 26 2011 @ 03:40 AM
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Originally posted by TribeOfManyColours
What will happen, and it WILL (dont live in an illusion)

You will be so poor that you have no idea what to do. You will become an animal in behaviour within 2months.



Don't listen to this.. Fearmongering from the uneducated..



posted on Jul, 26 2011 @ 03:41 AM
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Originally posted by woodwardjnr
The thing is, we almost all know that America is not going to default, the damage it would do to the Wall street handlers would be too great. It's all political theatre. A little cruel in my opinion, playing around with the future of Americans lives like its some sort of game. It's an insult to all Americans, no matter what side of the political spectrum your on.


If America is not going to default, then where does it go then?



posted on Jul, 26 2011 @ 03:41 AM
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reply to post by Misterlondon
 


Uneducated? sure, personal attack.



posted on Jul, 26 2011 @ 03:44 AM
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Originally posted by nuttin4U
These jive talkers aint doin nothing but ROBBING YOU BLIND! What part don't you people get? THEY ARE PLAYING YOU FOR FOOLS. They're stealing all the real money...and giving you PAPER/CREDIT, in return. Think about it? What do you actually own??? NOTHING!

I also want you to think about this....when disaster strikes...who's gonna help you? F.E.M.A.? Obama??? Anyone in the government??? Blind faith...is what you people have. You're better off believing in "God" cuz the people you can see....ain't doin' your lives no good!!!

I'll also add this....the baby boomers are gonna use up all the social security; so generation x and y...good luck in your elderly years...cuz there will be NO MONEY for your retirement!




Jive talking fools..


I didn't realize MR T was a member..



posted on Jul, 26 2011 @ 03:45 AM
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Originally posted by TribeOfManyColours
reply to post by Misterlondon
 


Uneducated? sure, personal attack.




Ok apologies, maybe that was a little harsh.. But still, it is fearmongering and an unlikely scenario.

Just wanted to add, it wasn't a personal attack against you, it just frustrates me with the level of fearmongering in this site.. Largely from people who have no clue what they are talking about..
They just read other comments from posters and that's how they form their opinions...
edit on 26/7/11 by Misterlondon because: (no reason given)



posted on Jul, 26 2011 @ 03:48 AM
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Originally posted by Misterlondon

Originally posted by TribeOfManyColours
reply to post by Misterlondon
 


Uneducated? sure, personal attack.




Ok apologies, maybe that was a little harsh.. But still, it is fearmongering and an unlikely scenario.


Thanks, nonetheless I adjusted my first reply. It was a little black and white


Originally posted by TribeOfManyColours
What will happen, and it WILL (dont live in an illusion)

You will be so poor that you have no idea what to do. You will become an animal in behaviour within 2months.



I mean the majority of US will show this kind of behaviour. They wont know what hit them.
I think most members here would be reasonably fine.


Here's a little help



ebookbrowse.com...
edit on 26-7-2011 by


I know you believe in a different scenario.

edit on 26-7-2011 by TribeOfManyColours because: (no reason given)
extra DIV



posted on Jul, 26 2011 @ 04:12 AM
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reply to post by TribeOfManyColours
 



Thanks for the Ebook site Ive been meaning to do some research on that thank you.


On to the financial crises, I wish it would hurry and be done with its inevitable,a door closes another one will open.
Lets just hope America has a little more sense than dollars this time

edit on 26-7-2011 by muSSang because: (no reason given)



posted on Jul, 26 2011 @ 04:22 AM
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I’m finding this very confusing, will there be such worldwide repercussions if the US defaults.

What will be the realistic consequences for the rest of the world? I have seen scenarios from where nothing will effect Europe to complete meltdown of finance and society.

Although you can try to look after your own and plan ahead, TPTB generally throw something into the mix to make things worse for the average person.

I will be looking in to see what people think and the sources linked, thanks.



posted on Jul, 26 2011 @ 04:23 AM
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Bullspit! How the freak can Obama stop sending out checks on something that workers have 'invested' their money into????

Social security, despite what Obama and the mainstream media would have you believe, is not an entitlement program.

I pay 6.4% of my hard earned. taxed money, into a mandatory retirement program administrated by the United States government. My employer pays another 6.4% on top of that for a total of 12.8% of my wages that is due to me upon reaching retirement age.

For Obama to threaten to withhold money I mandatorily paid into a system is nothing short of fear mongering and reason to tar and feather the flocker.




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