eagleye13 Loc: Fl

More Austerity? Default? Greek Exit? EU Talks Spawn Panic
http://youtu.be/_7ruSJ4svUI

lpnmajor Loc: Arkansas

I hope Americans are watching this play out. This scenario will be OUR future, as long as we keep borrowing and spending money - as though we'll never have to pay it back.

Since we're only paying interest on the 17 trillion dollars we owe AND continuing to borrow money EVERY MONTH - eventually, the interest payments alone will be more than we can afford. Will we borrow money to make the interest payments? Probably, that seems to be the trend.

Sooner or later, that note will be called - and the rich will bail, going to their overseas homes - leaving the rest of us destitute and broke - like the Greeks are now. If you've ever wondered why the rich are socking away huge quantities of cash overseas - now you know.

Kevyn

The panic is among the bankers who loaned the money. Remember when Argentina defaulted rather than suffering austerity, they took a bit of a beating but became far more self sufficient. As a result of their default the bankers restructured and forgave much of the South American debt fearing that other nations would follow the lead of Buenos Aries. The EU is very likely to cave to the Greek demands and forgive or restructure much of the Greek debt. If they don't the Greek economy will suffer a bit in the short term but the bankers will take a real hosing.

lpnmajor Loc: Arkansas

The bankers? It wasn't their money they loaned, they were just profiting from the use of someone else's money. It isn't like they'll have to reimburse the folks who's money they lose. Here in this country, WE reimburse the BANKS who lose money - the individuals who's money THEY lost - just got screwed. None of the fines imposed on the US banks that lost people's money went to reimburse those folk either.

It's all a s**m - just like the "panic" now.

eagleye13 Loc: Fl

The banksters will take a "real hosing"?
On money they created out of thin air?
Those that have title to most everything now?
All on "money" lent; by creating "debt" out of ledger entries.

HELL of a business.
Who would like to own a Federal Reserve of their own?

sissymary

Holy crap! I agree with Kevyn on something!