"Greece is only the latest in a series of countries that have faced this type of crisis in recent memory. Not too long ago the same types of fears were mounting about Dubai, and before that, Iceland. Several other countries (Spain, Portugal, Ireland, Latvia) are approaching crisis levels with public debt as well. Many have strong ties to Goldman Sachs, and the case could easily be made that default could have serious implications for big US banking cartels. Considering the ties between the Fed and these big banks, it is not outlandish to wonder if the US taxpayer is secretly bailing out the entire world, country by country, even as our real unemployment tops 20 percent. Unless laws are changed to allow a complete and meaningful audit of the Federal Reserve, including its agreements with foreign central banks, we might never know if this is occurring or not." (emphasis added) - Rep. Ron Paul quoted in Casey Research Report, 2/18/10
"Rogoff: U.S. Has Defaulted Before, May Do So Again"
"Harvard professor and former IMF chief economist Ken Rogoff says the United States has been in ‘default' before, when it went off the gold standard, and there is no reason why it won't do so again…
As an example, he points out that the United States defaulted on its debts during The Great Depression.
‘We went off the gold standard,' he observes, and the price of gold, which used to be $20 an ounce, suddenly jumped to $35 an ounce.
‘That was a default on domestic debt, Rogoff observes. ‘You would be amazed at how many countries have amnesia with respect to their default(s).'" - Julie Crawshaw, Moneynews, 3/5/10
More Here..
The US progaganda news machine is diverting the publics attention away from USA and to Greece for their debt problems that represent 2% of the Euro zone GDP. Also Greece had debt problems since early 1980's.
ReplyDeleteDo people here even read the articles posted here or do they just look at the tiles and comment????
ReplyDeleteThe US defaulted as a result of the Gold standard system which was replaced. The US will not default again because Gold standard is not here anymore and the new system allows the US to print money to cover shortfalls....this is not without any consequence as it will lead to devaluation, but, the biggest loser will be the lender not so much the borrower.
9:00 are you lost in space? "Harvard professor and former IMF chief economist Ken Rogoff says the United States has been in ‘default' before, when it went off the gold standard, and there is no reason why it won't do so again…
ReplyDelete9:00, I'm out on the tiles.
ReplyDeleteAllow me , Captain America, to retort.
ReplyDeleteFirst of all, you don't want the gold anyway because it's big and it's heavy and it's bulky and someones always trying to steal it, so it's better to let us just store it for safe keeping anyway. Besides, we don't use gold as money anymore we use paper. So we'll just print up paper and that's what you'll have, our IOU's which are good because I am Captain America and my paper is good everywhere.
Second, this here is my Government .45.
It's real.
If there's any misunderstanding about this we can have a further conversation out back.