Registered: Jun 2011
09-26-12 11:07 PM
It's a little early to consider that. Whenever you borrow money, bankrutpcy is always an option. If I was a homeowner in Spain who got foreclosed on I would be out in the streets killing cops. Where they ever got this idea that you can loan money to me and get my collateral if I default and still be owed the money from your foolish loan is against all logical economic reasoning. And if you bought a home under those conditions you need to have the police beat your brains out in the street because you are a poor excuse for a reasoning human being.
Quote from morganist:
It is however another option. Is it time to consider it?
Besides isn't QE a technical default?
otherwise, we the USA already declared bankruptcy back in the early days, it was no big deal, and we will do it again, no big deal, but it is a little early to be talking about that. That's the US system, everybody does it, borrow as much as they will lend you, and when you hit the limit declare bankruptcy.
If you are loaning money to me and you don't understand that is how it is going to end you deserve to be burned for your stupidity.
No country, or dynasty, or empire in the history of the world has ever paid off the kind of debt the USA has incurred, so it is just a matter of time before we default. But in the meantime there is still plenty of money to be made loaning to us and investing in us.