Does anyone know what happens next?

[spectrumc01]

I read the papers about the collapse of Greece and now Italy. What happens if they just said we can't pay and won't pay? Do they foreclose on Italy and kick everyone out? Do the creditors just take over Italy? Really what happens then? Does anyone have a worse case scenario and why it would be that way?

If all governmental debt, not personal debt, world wide was reset at zero there would be winners and there would be loosers but the overall it would be for the best and the world would benefit greatly. Who knows, surely not me.

 

[MeBelle]

Dude, if you're the future, you should know the answer!

 

[spectrumc01]

Dude, if you're the future, you should know the answer!

Hangover

 

[editec]

Does anyone know what happens next?

Off hand I'd guess the collapse of the EURO economy followed closely by still another collapse of the US economy.

There's different ways to respond:

1. Write off the debts and let the banksters take a bath

2. Pay off the debt with fiat dollars and let everybody take an inflationary bath.

3. Let Greece (then Italy, then Ireland, Portugal) renege on its debts thus throwing the world's economy into total disarray

 

[spectrumc01]

Does anyone know what happens next?

Off hand I'd guess the collapse of the EURO economy followed closely by still another collapse of the US economy.

There's different ways to respond:

1. Write off the debts and let the banksters take a bath

2. Pay off the debt with fiat dollars and let everybody take an inflationary bath.

3. Let Greece (then Italy, then Ireland, Portugal) renege on its debts thus throwing the world's economy into total disarray

In actuality no one really forecloses on Italy? Daily life goes on just the way it always has doesn't it? The electricity and oil still flow, the people still work, businesses still open everyday, what actually happens?

 

[editec]

Does anyone know what happens next?

Off hand I'd guess the collapse of the EURO economy followed closely by still another collapse of the US economy.

There's different ways to respond:

1. Write off the debts and let the banksters take a bath

2. Pay off the debt with fiat dollars and let everybody take an inflationary bath.

3. Let Greece (then Italy, then Ireland, Portugal) renege on its debts thus throwing the world's economy into total disarray

In actuality no one really forecloses on Italy? Daily life goes on just the way it always has doesn't it? The electricity and oil still flow, the people still work, businesses still open everyday, what actually happens?

What happens is a steady erosion in the quality of life.

However, if the price Italy must pay to borrow money continues to rise?

The possibility that Italy cannot borrow enough money to stay current on the interest it owes?

They Italy stops paying the interest on those debts.

THEN guess what happens to those banks that hold those debts?

Can you say: CASCADING INSOLVENCY?

Yes, Spectrum, as you suggest, life DOES go on.

What you failed to note is that lifes goes on very BADLY for most people..

And it won't JUST be Italy and Greece where this happens, either.

This economic disease is a WORLD WIDE PANDEMIC of debt.

 

[Mad Scientist]

Does anyone know what happens next?

Off hand I'd guess the collapse of the EURO economy followed closely by still another collapse of the US economy.

There's different ways to respond:

1. Write off the debts and let the banksters take a bath

This would be the best solution, that's why it's not offered by the Politicians who are owned by those same banks.

The only way to move forward is to just admit that our gov't is totally corrupt, top to bottom, Republican and Democrat.

Keep and re-instate Constitutional Law and go from there.

 

[Big Black Dog]

If Greece and Italy do not pay their bills, somebody will come along and take back all of those historical sites in their country.