It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
OrphanApology
So the us borrows money in a currency that it prints itself? How did these other countries not see the ramifications of such debt.
Bassago
reply to post by xuenchen
Maybe the local powers are thinking this is a good time to hit the reset. It will absolutely hurt the US but it would smash the hell out of the global economies. Then the US goes turtle on everything/everyone and reissues silver or gold notes (if we have any gold.)
Just a thought but if I was a paranoid central government that believed the world was out to get me it's not a far stretch. Hit reset and outlast everyone else. Might even work.
BardingTheBard
OrphanApology
So the us borrows money in a currency that it prints itself? How did these other countries not see the ramifications of such debt.
They did... and don't let anyone lie and tell you otherwise.
This is all a show.
That better have a great twist because I'm ready to fire some script writers.edit on 7-10-2013 by BardingTheBard because:
OrphanApology
rangerdanger
We're gonna default sometime, might as well get it over with.
You cannot default on loans made in currency that you yourself print. It is impossible. Of course hyperinflation might occur, but never will the U.S. "default".
Sovaka
reply to post by OrphanApology
As I said, I don't know the economic terms, but here are some links...
usgovinfo.about.com...
Same info but on Wiki;
en.wikipedia.org...
And some Forbes for good measure;
www.forbes.com...
Not sure how you are so cavalier about this fiction that is money.
We all know money is fake and isn't really backed by anything.
However, that doesn't stop the world from spinning and operating.
When the presented illusion in which we operate pops like the proverbial bubble, it won't be enough for the U.S. to say "Look, it was all fake anyway, why so serious?".
You and MILLIONS of other people will DIRECTLY feel the consequences.
.:ETA:.
This site sums up completely who owns U.S. debt;
finance.townhall.com...
Look at that, the majority being own by U.S. Citizens and Corporations.edit on 7/10/2013 by Sovaka because: (no reason given)
Jefferton
reply to post by xuenchen
Another cocky American. Big surprise. You owe money deadbeat. Pay up or shut up.
Wrabbit2000
OrphanApology
rangerdanger
We're gonna default sometime, might as well get it over with.
You cannot default on loans made in currency that you yourself print. It is impossible. Of course hyperinflation might occur, but never will the U.S. "default".
If this happens and people across this nation and around the world go to cash U.S. Treasury notes and/or other securities they bought with money, to be told it's not worth more than paper and ink value until the Gov't funds it again ....It's going to feel extremely real to people.
I was upset enough to get told I had to wait a couple years ago on cashing a Bond out when it said I could but Uncle said I couldn't yet. Grrr.... That was only a relatively small amount too. People have life savings tied up in T-bills. It's a VERY big deal, actually.
ADDED; link to better source
China warns U.S. debt-default idea is "playing with fire"
By Emily Kaiser
SINGAPORE | Wed Jun 8, 2011 2:15pm EDT
xuenchen
China and Japan warn US on default
It sounds like China and Japan are getting restless and nervous about the U.S. debt problem.
Looks like they want *Their* interests to supersede *OUR* interests.
Hmmm.
Maybe it's high time *WE* place *OUR* interests in the #1 position for a change !!!!
Who are *THEY* to dictate American interests.
China and Japan ratcheted up pressure on the US to avoid an unprecedented US default on its debt as Democrats and Republicans continued their stand-off over the budget in the second week of a US government shutdown.
Two senior White House economic officials said on Monday that President Barack Obama would not back down from his refusal to negotiate with Republicans in Congress, increasing worries that the debt ceiling limit would be reached on October 17 without an agreement, raising the threat of a default. ..................
.......
Zhu Guangyao, vice-finance minister, told a media briefing that China has made clear its unease over the political impasse in Washington. In Japan, the Ministry of Finance is very worried about the potential impact on currency markets, according to a senior official. A US default could cause investors to dump the US dollar, which would sharply push up the value of the yen.
China and Japan warn US on default
ADDED; link to better source
China warns U.S. debt-default idea is "playing with fire"
edit on Oct-07-2013 by xuenchen because: added better source......