Quote:
Originally Posted by jimhcom
This is a great article on how Iceland freed themselves from the strangling grip of the world banking community and established real democracy and financial reform.
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I don't see where Iceland did either. It's a little short of facts.
The most glaring fact that all of you have over-looked is this:
"population 320 thousand, no army"
When the US has a population of 320,000 and no army then the article will be relevant to the people of the US. Yeah, Economy of Scale, it matters.
Quote:
Originally Posted by jtur88
" . . . its demands that Iceland pay off a total of three and a half million Euros. This required each Icelandic citizen to pay 100 Euros a month (or about $130) for fifteen years . . .",
Wha? That 18,000 euros per person, 300,000 people. Five and a half billion. Who is doing their math? I think the author of this article is confusing Million with Billion. Otherwise, Iceland's entire banking system is about the equivalent of the branch bank in the lobby of my supermarket.
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Well, it basically is.
Quote:
Originally Posted by CaptainNJ
im not totally opposed to the idea of defaulting on our debt.
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But you don't have a choice. Not all debt is created equal.
The lot of you need to break down and invest in copy of Black's Law Dictionary. It is an indispensable aid. There is a vast difference between loans and securities. The great majority of you have committed a
faux pas by conflating loans and securities into the generic term "debt."
All of you overlook extremely critical facts. Argentina, USSR/Russia, Greece, et al and Iceland owed
loans. That is money they borrowed
from another bank.
The US does not have any loan debt. It has securities debts. The US is
not similarly situated with Iceland, Greece, Russia, Argentina, Portugal et al.
Learn and understand the differences, especially the legal differences (that's where Black's Law Dictionary helps).
Quote:
Originally Posted by CaptainNJ
the big problems would be 1. we have a huge budget deficit and require debt at current (and much lower) spending levels and
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No kidding. The US situation is nothing like those countries. It is far worse.
Quote:
Originally Posted by CaptainNJ
2. a large amount of our debt is owed to us either through treasuries owned directly by citizens or debt held by our government.
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Very good.
You, um, "default" on your, um, "debt" and you just crashed the pension plans of about 42 States, thousands and thousands of borroughs, townships, counties and municipalities, and more than 1,000 companies.
Nothing like slitting your own throat.
Worse than that, you just crashed over 1,000 philanthropic organizations in the US who do everything from provide funding for television programs on PBS, to grants to cities and universities to build art centers, art museums, performance centers and stages, to seeding business start-ups to, to funding shelters for home-haters and grant programs for the poor.
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