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Further intensification. Important to pay attention.
Not seeing a butterfly effect. Local or regional maybe, but not global.
Quote:
Originally Posted by theunbrainwashed
Speaking of Argentina, I notice that the country still exists, that people aren't carrying around wheelbarrows full of cash to buy a loaf of bread,....
Um, as a condition to its previous defaults, Argentina is barred from running the printing presses.
Since 1956, Argentina has defaulted 19 times, including several times in 1991 (4x to be exact).
If you want money, then you must do what your creditors tell you to do, or you don't get none, and Argentina's creditors provide guidance on issues such as money supply and interest rates.
It's called Forced Austerity.
If you drank the Kool-Aid® from the snot-for-brains who post lies and make false statements like "the US can never default," then wipe that purple mustache off and stop drinking the Kool-Aid®.
Yeah, sure, Argentina could blow them off and start the printing presses anytime they want, but the only thing that would happen is creditors would pull the plug and call their notes.
Quote:
Originally Posted by theunbrainwashed
Maybe this government debt thing isn't the big deal that some make it out to be
An accurate conclusion would be you don't understand what you're talking about.
Quote:
Originally Posted by theunbrainwashed
Yet Argentina's crime rate is much lower than Brazil's, and has the second lowest homicide rate in South America
A red herring is a smelly fish that would distract even a bloodhound. It is also a digression that leads the reasoner off the track of considering only relevant information.
There is no relationship between Crime & Poverty......never has been in the history of the World.
"Argentina has a telephone density of about 20 private phones per 100 people."
Like every crime gets reported.
I'm sure if you dial 911 you won't be on hold for more than several hours.
It is reported that Argentina has an electrical access rate of 97%.
I've addressed that issue on other threads. There is no standard definition for "electrical access." It's whatever the State wants it to be, and that's what the State reports. Now, that is changing, and there has been a push for some time internationally to standardize reporting definitions.
Note that just because houses may have electrical outlets, in my mind that does not quality as "access to electricity."
In many States, the State owns the utilities, and because of debt defaults and other reasons, the State is forced into Austerity, and that means reducing the amount of money the State spends on fuels to produce electricity, so you get electric power several hours per week, or maybe several hours per day if you're lucky.....which doesn't count as "access."
N
Yeah, sure, Argentina could blow them off and start the printing presses anytime they want, but the only thing that would happen is creditors would pull the plug and call their notes.
Mircea
One has to wonder if Argentina started up the printing presses of their currency, if the original poster would get into business accepting that currency in exchange for exporting valuable goods, from, say, the US.
One has to wonder if Argentina started up the printing presses of their currency, if the original poster would get into business accepting that currency in exchange for exporting valuable goods, from, say, the US.
For the most part we deal in USD. Sure a business could venture into accepting Argentine Pesos fo US exported goods.
But the biggest question is what then to do with these Argentine Pesos, a much riskier currency than USD?
Read about the conditions in Argentina during that time and then get back to us.
It was really bad. Even president de la Rua resigned and fled the executive mansion in a helicopter because thousands of protesters were waiting for him outside
Not seeing a butterfly effect. Local or regional maybe, but not global.
Sovereign debt issues will become an increasingly important topic. (Note the mention of international bonds and countries that do this in other currencies.)
The institutions and mechanisms being discussed are also becoming increasingly more important. Economic zones, alliances being formed should be watched as well. (i.e. BRICS and N11.)
Sovereign debt issues will become an increasingly important topic. (Note the mention of international bonds and countries that do this in other currencies.)
The institutions and mechanisms being discussed are also becoming increasingly more important. Economic zones, alliances being formed should be watched as well. (i.e. BRICS and N11.)
Yes, that will have regional and global repercussions.
Quote:
Originally Posted by thecoalman
Honestly, how the hell are you supposed to dig yourself out of that hole?
Austerity.
Greece's problems are relatively easy to fix...on paper. In reality, not so much.
The fastest option for Greece would be to devolve their economy, and then rebuild it. That would require a dictatorship, since there's no way to do it democratically. It would also take 2-4 generations to do that.
You'll see those types of problems with greater frequency in the future. There's a natural progression for economies, moving from ZERO Level to 1st Level to 2nd Level and so on. The US should have entered the 5th Level about 20 years, but the education system is so pathetic that you don't have the brain-power, so you're pretty much trapped at the 4th Level, except you can't compete at the 2nd and 3rd Levels and soon enough you won't be able to compete at the 4th Level either.
Where there's interference --- and that is almost always from a colonial power -- you jump from Level to Level instead of progressing, and so you end up with a house of cards.
Then, when there is economic turmoil, the house of cards collapses.
Quote:
Originally Posted by Hoonose
Reneg on your debt.
Oh, that's brilliant.
Do you have any idea how many Million of Americans would die if the US reneged on its debt?
For the most part we deal in USD. Sure a business could venture into accepting Argentine Pesos fo US exported goods.
But the biggest question is what then to do with these Argentine Pesos, a much riskier currency than USD?
What, there's consequences to an economy when it concerns debt and repayment?
Who would have thought?
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