Big Fitz
User Quit *****
- Nov 23, 2009
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and the hyper inflation is going at...?Just on the news, Moody's has put the US triple A bond rating under review.
I'm sick of this argument that not raising the debt limit is doing something to threaten the country's credit rating.
Think about it: Greece's debt, spread evenly to ever family, would be a burden of $40,000. Here in America it would be $45,000, and the left and Obama want us to believe that not increasing that number to $50,000 would hurt the country's credit yeah right. 63% of Americans, over 50% on all polls, the plurality of America is against this president.
The country gets this mythical, magical money from T-bill holders and there aren't that many out there anymore.
The yield on the Greek 2 year bond is 31%.
If/when (and it's looking more like when) the US defaults on a loan, you can look to history to see what will happen in the space of 1 year:
Wiemar Republic.
In less than a year, the Mark went from 4 to 1 against the dollar to 1,000,000 to 1 against the dollar. The only solution they could find was to do a 'currency reset' by creating a NEW Mark that was valued by the time it went into use at a TRILLION to 1 versus the old Mark... which put it back to parity with the dollar to pre-default 4 to 1 value.
THIS is the worst case scenario. Are you ready to have a loaf of bread or can of soup cost a quarter million dollars???
Oh, and don't forget what that time of instability ushered in, in Germany? The nation united behind the National Socialist Worker's Party.
Yeah, not good.