THE OPPOSITION finance spokesman, Barnaby Joyce, believes the United States government could default on its debt, triggering an ''economic Armageddon'' which will make the recent global financial crisis pale into insignificance.
Senator Joyce said yesterday he did not mean to alarm the public but there needed to be a debate about Australia's ''contingency plan'' for a sovereign debt default by the US or even by a local state government.
''A default by the US means complete economic collapse around the world and the question we have got to ask ourselves is where are we in that,'' Senator Joyce said.
His warning came as the Rudd Government ramped up its attack on Senator Joyce as an economic extremist by highlighting his strong opposition to Chinese sovereign investment in Australia.
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Well at least other countries are preparing for our collapse in various ways.
ReplyDeleteChina/India has to be the smartest of the bunch with them buying up Gold and Silver.
ReplyDeleteUS cannot default on the debt and it will not. US government willingly will destroy the dollar and its debt.
ReplyDeleteYou see, US debt is denominated in US dollars and the US government can print as much as they want of them.
The reason there are countries who default on their debt is because they do not have the power to print US dollars, but their debts are denominated in us dollars.
However exactly the printing of more money to satisfy the debt payments will make the dollar worthless as a currency.
Aussie's know, Europeans know...American's don't know. The dumbed down idiotic mind controlled TV addicted sheeple can't find the Pacific Ocean. The US will default, in 2010, and that's when the TSHTF.
ReplyDeleteThe time a believer has to live in this world is very short.
Be Prepared...
Booyah. When you see other countries planning for our demise, understand it is a done deal.
ReplyDeleteNext, will America default or hyperinflate.
I say default for a reason.
SHOCK AND AWE motherfuckers!
Shock and awe is how we do business around here.
We ain't no goddam Zimbabwe!
WE ARE AMERICA AND WE LIVE AND DIE FOR GLORY AND HONOR!
Besides, the Dubai default and the others to follow are the precedent creation for the final American Default.
So there you have it.
Oh and don't forget about that little 'SuperCurrency' counterfiet problem from a while back...what if they suddenly discovered more than HALF of dollars out there are COUNTERFIET?
Great balls of fire.
to me i don't think we will default i think what will happen is a currency crisis like no other. we will wake up one morning and find out that nations have dumped our dollar. this will lead to a breakdown of society. but dont worry guys the government have "contingency" plans for a currency crisis. local,state police nationalized, cant carry your gun outside your house, the police guarding the super rich neighborhoods while you have to fend for yourself.
ReplyDeleteSovereign debt is the 500lb gorilla in the corner, everyone knows its there and the impending chaos it will bring.Kudos to Barnaby for having the balls to reveal the dire situation the world will shortly find itself in.
ReplyDeleteI'm Australian and if the worst does happen, feel free to jump on the next plane down under :)
ReplyDeleteI always enjoyed my experiences with American colleagues and friends and it worries me to no end the amount of bad news concerning the United States
Кnowіng the lеnder pеоρlе
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