Might the USA default?

[hoddesdon]

The American public debt is now only twelve billion dollars below the legal debt limit ("only", ha ha). Unless the legal limit is raised, then America will default on its debts in a month or so.

It has been suggested that the Republican Party wants a default, so that higher taxes are not levied on the wealthy.

If the largest economy defaults, its credibility evaporates. Would future loans not carry a higher interest rate (?) Its currency would cease to be the reserve currency, increasing borrowing costs further.

Not to mention the possibility of triggering another Great Depression.

Could the Americans really do this?

 

[Remus]

Recessions come and go, this one hurts more because the world economies went all out to avoid a recession early in the nougthies.

The decline of the US is inevitable though, corporate greed in the guise of manufacturing and tech outsourcing will kill it off, I guess it's time to adapt and maybe become an agricultural nation again, empires come and go afterall.

 

[lacucaracha]

the federal reserve will do whatever they want. the economy is totally manipulated by bankers has anybody watced the money masters here is a good clip of it

YouTube - ‪How to Abolish the Federal Reserve‬‏

 

[NihilSlayer]

Money Everywhere! You know, Edward Munch's paintings really captured the essence of dread as it pertains to a shift in paradigm. Might be a good time to go check 'em out.

 

[coyote]

that's why I moved up north and I'm stockpiling all the necessities for survival

cans of Spam, some beer

and old Penthouse magazines