National bankruptcy - Greece will be first - who is next?

[Boncuk]

Most of us certainly have seen the revolting students in Athens lately.

They do not protest against the government - wasting money - but they do protest for not being participants of the waste.

Their financial index has drifted below that of Bulgaria being classified A- (normally BBBB) in the European Union. Additionally their trade balance is -12%!

Greece is not the only country moving straight to a national bankruptcy.

The world wide financial crisis started in the USA when house owners were unable to pay their houses (loans) anymore. European investors crashed the same way as US-banks did, participating in a short time business with lots of profit and super boni!

The German government is planning to double investments next year on the expense of loans. (Reparation payments for WWI have just ended.)

The US government is probably the champion amongst loan appliers: They borrow US$ 800,000,000,000.00 (in words: 800 Billion) from China each year.

Now the quiz: When will americans speak chinese?

Boncuk

 

[HiTech]

Forget speaking Chinese. It's Spanish that's forced upon our youth in schools. I guess it's so the majority of English speaking Americans can converse with the Mexican border-crossing illegals and the boat people from Cuba and nearby islands.

As for repaying China, the US should export all Chinese buffet employees and their kitchens back to the mainland. Between cans of MSG, cockroaches, arguing cooks, and improperly stored food, China will quickly fall to a demise.

 

[Ross Craney]

From what I've read the Chinese have worked out that investing in US bonds is a bad choice given that the value is likely to go the way of the US dollar (downwards). Instead they are now stockpiling huge amounts of raw materials at relatively low prices which are at least real & tangible assets. It will also give them a lot of clout in future contract pricing negotiations

 

[3v0]

US needs laws that make economic sense

The US needs to write laws that make economic sense for the country.

Producers pass all taxes on to the consumer. If we eliminate taxes on production it will help even the price between domestic and imported products.

All environmental laws need to have a business climate impact statement/study associated with them. When environmental law makes domestic products more expensive import tariffs on similar goods will be imposed to level the playing field with countries where there is no environmental cost associated with production.

The US needs to better monitor imports to ensure that they have not been produced with government subsidies.

None of these ideas are new. But they have been ignored to make a few people rich.

Laws regarding how finance is conducted needs to be repaired too but that is another subject.

3v0

 

[tcmtech]

Now we have to learn Chinese?
Weren't the Japanese supposed to be buying us out and taking over in the 90's? what ever happened to them? I thought we where going to all be working for Japanese corporations by the early 2000's?

Same old same old, round and round, here we go again. Give it 15 more years and it will be India buying us up next. Or who ever else is after China on developing their country.

Africa hasn't shown many prospects so far, maybe they have a country or two that will be after china on our next buy out? Perhaps South America has an up and coming world power thats planning to buy us out next.

 

[Boncuk]

The real problem is that all industrial nations - including Germany - live on credits.

To pay off Germany's debts at once each german citizen must put in a complete monthly income.

I bet the due payments wouldn't be done but instead new idiotic projects will be carried out by the government.

Banks in Thailand have a very strange practice giving loans: Mr. Nobody applies for a loan at any bank. 10 other Mr. Nobodys have to guarantee for him to pay back the debts, although they have not one Baht left to pay in case Mr. Nobody crashes.


Boncuk

 

[3v0]

[FONT=verdana,arial,helvetica]I am less concerned with staggering debt numbers then I am with loss of jobs and our industrial base.



[/FONT]

 

[Pommie]

As all industrial nations are in dept, who puts money into the world bank?

Mike.

 

[Boncuk]

As all industrial nations are in dept, who puts money into the world bank?

Mike.

Let me guess. The 3rd world countries probably?

Hans

 

[kchriste]

As all industrial nations are in dept, who puts money into the world bank?
Mike.

I don't know about the world bank, but governments typically raise money by selling bonds or treasury bills which are bought by their own citizens. Of coarse there is foreign trade debt such as that owed by the USA to China. Both countries are afraid to blink. China doesn't want to see the US dollar slide since it holds so much of it so it can't sell off it's holdings in US dollars. It's kind of like the old saying, "If you can't pay the bank a small amount YOU are in trouble. If you owe the bank a lot of money, THEY are in trouble."

 

[Boncuk]

"If you can't pay the bank a small amount YOU are in trouble. If you owe the bank a lot of money, THEY are in trouble."

Very true!

 

[arunb]

The German government is planning to double investments next year on the expense of loans. (Reparation payments for WWI have just ended.)

What about WW2 ??

 

[Boncuk]

What about WW2 ??

WW2 reparation payments were finished before payments for WW1. WW1 reparation payment came back to life after the reunion of West and East Germany. (check out Versailles treaty)

The German government was generous even in doubtful cases and paid the money for the papers. (Those papers were worthless as long as West and East Germany were separate countries ruled by different governments.... There's a goldmine in the sky - far awaaaay )

BTW, the UK accomplished last payment of WW2 debts back to the USA this year.

Boncuk