[pommysmommy]

Germany will not come to the rescue. In Germany, people have to work to earn their benefits. Too bad other countries could not follow that model.

[las vegas drunk]

Originally Posted by tijlover

The life of a country goes on no matter what! Look at the countries that have defaulted on their debt, in the past, onward, onward they go!

I was to Argentina after they defaulted on their debt, you'd never know anything was amiss, and foreign governments still snap up their bonds.

The European countries are falling, one by one. And is "Sugar Daddy" Germany going to bail out the next ones: Italy and Spain?

This time I cannot agree with you at all. Argentina was absolutely ravaged by defaulting on its debt back in 2001. The middle class was wiped out and the poverty level was sitting at 57.5%. Thousands upon thousands of people died because of it. I was able to bring this video up that I had watched a while back. It shows what happen post default. The situation is the exact opposite of what you are saying.

Argentina's Economic Collapse (FULL VERSION)

If you want to hear something really scary, we were robbed exactly the same way by foreign banks as Argentina. It recently came out that the Federal Reserve sent 16 trillion of our tax dollars to offshore banks. The next step is when we lose our status as the worlds reserve currency. That is when all hell will break loose.

[las vegas drunk]

Originally Posted by pommysmommy

My profit sharing is invested in very safe investments but I know I just lost a huge chunk of change. Nothing I can do about that. I feel bad for people who have opted for higher risk investments.

I will pray for you so hopefully you have not lost too much.

[English Dave]

It's all over the news here about America's credit downgrading. All the talk is what will
happen when the stock exchange re-opens Monday. Italy, Greece, Spain, Portugal and
Ireland are all in trouble. Can't be long before the UK comes back under the spotlight.
We're still triple AAA, and our government hopes the belt tightening measures it's taken
this last year keep that so, but I'm not so sure.

[las vegas drunk]

Originally Posted by English Dave

It's all over the news here about America's credit downgrading. All the talk is what will
happen when the stock exchange re-opens Monday. Italy, Greece, Spain, Portugal and
Ireland are all in trouble. Can't be long before the UK comes back under the spotlight.
We're still triple AAA, and our government hopes the belt tightening measures it's taken
this last year keep that so, but I'm not so sure.

How is the economy in the UK? I always here about the so called PIIGS as you say, but never much about the UK. I know Germany is doing well at least.

[PinkString]

Originally Posted by English Dave

It's all over the news here about America's credit downgrading. All the talk is what will
happen when the stock exchange re-opens Monday. Italy, Greece, Spain, Portugal and
Ireland are all in trouble. Can't be long before the UK comes back under the spotlight.
We're still triple AAA, and our government hopes the belt tightening measures it's taken
this last year keep that so, but I'm not so sure.

One of my relatives in England posted this on Facebook earlier:

"You can cross the border illegally into North Korea and get 12 years of hard labor.
You can cross the border illegally in Afghanistan and get shot and killed.
You can cross the border illegally in the UK and get:
A job
Drivers license
Food stamps
A place to live
HealthCare
Housing and child benefits
Education
Tax free business for 7 years"
And they say that is why the UK is going broke. Sounds like a good place for all the down and out to go to. If you can swim that far that is.

[English Dave]

The economy here has been staggering along for as long as I can remember. When I
was a kid in the 60s we were the laughing stock of Europe with the amount of strikes
we had. Our economy in many ways mirrors America's, but on a smaller scale of course.
We have over 1 million people under 25 without a job, with a population of 60 million.
When I was young, the work here was engineering, ship building, mineing, cotton mills
car building plus all the usual office stuff. My father built trucks, all gone now same as
America. We've lost good paying jobs for minimum wage which is $9 hour here. But we
carry on best we can, could do with some good news, same as you.

[English Dave]

Iraq, Afghanistan
and Iran plus many other places do their best to get here. They go all through Europe
and head for here, sometimes with horendously difficult journeys. They seem to feel the
English are a very tolerant people, and will give them a chance for a better life. But we are
just a small island, can't take all the people who want to come here. Our racial problems
are not too bad. You could go pretty much anywhere here, walk about, and not be in
any danger. People, in the main get along. Sometimes you get disputes, but overall
people try to get along with each other.

[English Dave]

What LVD says about the dollar being replaced as the worlds reserve currency is being
discussed on TV here. Yes, but by what - the euro? Don't make me laugh! The chinese
yen? Maybe one day, but not yet. I think the greeks will have to leave the euro, it's
killing them. When I go to Greece, and talk to greek friends, they want out!! Once they
default, and leave the euro, it could be the beginning of the end.

[jfkIII]

Lucked out again...all my 401(k) is in fixed...I put it there about 3 months ago when the unrest in Eurpoean finances began. I left it in there just in case.

Like in a casino, sometimes the best bet is the one not made. After the market tanks...I'll buy low again. This is called an opportunity.

Unfortunately for Las Vegas, this hit to the economy may be one that they will not recover from. It will be bad all over, but I predict that LV will be hit especially hard.