scottie said:
That would bankrupt many countries that hold US debt. I would be morbidly fascinated to see the debt collectors that get called if this happens. Certainly enough to destroy America, that's not even in question. |
It will happen though since no one seems to be willing to risk an entire country falling apart and countries just refuse to fix their debt problems. Greece is a good example of this -- they refuse to give up land to pay off there debts, they have had 3 different bail-outs in a few years, they continue and will continue to post deficets for a number of years and the Eurozone has done nothing to stop them. Ofcourse it won't just be a "lolforget about all the money your owed", it will be moves to do things like reduce or eliminate a countries debt over a few years or so.
In the end i expect that the entire global financial system will remain a patchwork wreck that generates big resecions and creates problems will continue to function for a good hundred or more years until it completly kills itself and a new system is created.
