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WASHINGTON | Sat Oct 12, 2013 1:56pm EDT
(Reuters) - Three of the world's most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be "utterly catastrophic."
"This would be a very rapidly spreading, fatal disease," Jain said on Saturday at a conference hosted by the Institute of International Finance in Washington.
"I have no recommendations for this audience...about putting band aids on a gaping wound," he said.
Jain, JPMorgan Chase chief executive Jamie Dimon and Baudouin Prot, chairman of BNP Paribas, said a default would have dramatic consequences on the value of U.S. debt and the dollar, and likely would plunge the world into another recession.
reply to post by xuenchen
The last time they they said they were afraid look what they got, the bank bailout. Looks like they're trying for round two.
Anything that brings these SOB's down is worth it. I'd certainly be willing to take one on the chin to see them taken down. Oh wait, I can't because they got it all last time.
Crush them. At all costs. Time for a reset.
these "bankers' as you call them will simply go to another country, and take their wealth with them....the rest of us will be left to grovel...look at what happened in Argentina, and Greece...the people got screwed, the weathy were fine. you can go and "reset" your own life, I don't care, but leave the rest of us the hell alone...why do I keep thinking that all this hatred toward our government is being fanned by foreigners that would love nothing more than to see regular Americans suffer.
Scare tactics from those that stand to lose out on the fiat gravy train, which they have enjoyed for to long. When banks make bad investments (U.S. bonds), they took on the risk of the payee going broke and that investment failing. Now, they seek to protect that investment through doomsday predictions.
They should have been allowed to fail before.
reply to post by jrod
How would it play out? Banks go belly up. Do they now just take property that people are still paying mortgages on?
Does the bank own the house and the land?
If the banks take all the mortgaged properties what recourse do the paying home owners have?
We can start from scratch but what happened when no one had anything to barter with?
I don't think people need the government to survive. I believe we can struggle through this mess ourselves, but it is going to be extremely difficult to live together if all the rules thrown out the window.
I have been seeing trailers for the movie "The Purge" all over the place. It isn't my type of movie so I haven't watched a complete trailer, so none of it makes a lot of sense to me, but from what I have seen it looks like one of those, this is what will happen to you if big brother isn't around to keep you safe, movies.
We know that people are capable of surviving in large groups, but unfortunately, people are also primordial predators. It is not in our instinct to work and play well with others.
Everyone has to be held accountable for their actions, we don't ask any less of any citizen of this country.
Why do we except less from our government and those who represent us?
fema camps are starting to make more sense everyday
reply to post by xuenchen
They WANT the US to default!
That's the BEST CASE SCENARIO for any of these globalist financial tyrants. That puts more control into their hands.