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Published on Oct 6, 2013
The government shutdown will end but there is no way that the United States will default on its debt. Talk of default is just a fear tactic.
reply to post by xuenchen
Bill Still? Why didnt you say so?
S + F.
Now everyone go watch Money Masters.
No, I'm serious. Go. NOW!!!
But the US has already defaulted once. It was called the Nixon Shock.
The US simply said, no more gold standard for you. Wanna convert your dollars to gold? Too bad, get lost.
Thats when we went to the "full faith and credit of the US government", lol.edit on 7-10-2013 by gladtobehere because: (no reason given)
BASEL I. In 1988 a faceless, unelected group of bankers met in Basel, Switzerland at the Bank for International Settlements (“BIS”) – the “Central Banker’s bank” which even Swiss authorities may not enter – and in their “Basel I accords” agreed to a set of minimum capital requirements (8%) for banks. This was a number fine for some banks, but higher than what was in place for France and especially Japanese banks. To raise more capital to reach the 8% level, French and Japanese banks had to reduce loans, causing a recession in France and a depression in Japan, one from which Japan has never fully recovered.
BASEL II. In 2004, the same group met and agreed to Basel II (“The Return of Basel I”)– which required banks to value their capital based on market values, or “mark-to-the-market.” These rules were approved for the US on November 1, 2007. The declining housing market set off a chain reaction due in part to Basel II which banks knew was coming and constricted credit in anticipation of. The next month, December, 2007 the stock market collapsed and the Great Recession began in earnest. This should have been no surprise to the Japanese, nor to the BIS bankers. Full implementation of Basel II was subsequently delayed in the US until 2009. Basel II has been blamed for actually increasing the effect of the housing crisis as banks had to reduce lending to increase their capital as the value of mortgages they hold declined. This produced a downhill snowball effect on home prices and then on nearly everything else as lending and the economy contracted.
THE MONEY MASTERS
BASEL I, II & III on an unsuspecting world
Central Bankers’ Basel III scheme will worsen Worldwide Recession