The day is coming where everything you eat will have its roots in Monsanto. This company could single-handedly wipe out the human race.
The "contracts" of the bond holders for the big three automakers in 2008/2009 comes to mind here. If a government wants to ignore contract law, there is precedence.
""You canât fund the dream of the 1960s on the economy of 2010"" while obvious, this line is one of the best I've ever read....almost poetry.. If retirees don't like getting pension increase cuts, I wonder how they'll enjoy nothing?
it only means that the decline takes longer. the results are the same except the stink contagion is much worse
the article draws threatening parallels for Greece with Argentinian crisis 10 years ago http://www.telegraph.co.uk/finance/...-of-Greece.html the US is headed towards the same path.
I believe the difference might be that Argentina and Greece tied their debt to currency they did not control. In Argentina's case I think their debt was tied to the US Dollar and in Greece's it is to the Euro, the supply of which seems to be more in control of the bigger European countries. Therefore they could not just inflate out of the problem, which is an option the US will have as long as the debt is written to the dollar. That's not to say we won't have problems, and some of those problems may look just like Argentina's and Greece's. I just don't think those situations are exactly analogous to ours.
That's only an option if investors continue to buy their debt and part of the problem is state pensions. States can't print money so either state retirees take less of a pension or everyone else, who works for the state or not, will have to pay higher taxes. In Wisconsin they are cutting state employee benefits, in Illinois they are raising taxes. It's not over on either side of that border.