If the US defaults on its debts on August 2

[truth is here]

my uncle has a very big business in dubai...pretty rich and miser dude....he told me a trend has already started in gulf of not accepting american dollars...they are preferring their local currency now...there is a word in dubai that there is no gold to backup the dollar bill and its spreading fast after the 14 trillion debt stuff in USA...something is real fishy behind all this

 

[jeypore]

bilalhaider

Correct! However, the Tea Party Republicans elected into the Congress are becoming a pain in the butt, & want the Obama government to default.

No one is taking about Default here, it is more like how much to raise the debt limit, while the Tea Partiers are talking about cuts, President Obama is refusing and threating falsely, that if the budget is not raised there are consequences on Medicare and Social security, that is a low ball buddy... because we all know it is not true...

To prevent default, in case the debt ceiling is not raised, there would need to be huge drawbacks & cuts, as well as much much higher tax hikes, something the Tea Party Republicans don't want to do. They want to cut down national expenditures (as opposed to raising taxes which Obama wants to do), & are willing to let the current government default. The 2010 elections were a disaster for the Democrats, the Republicans gained the majority in the House of Representatives, & made significant gains in the Senate; & now the Democrats are paying for it.

Opposing higher taxes to increase the budget is the key...

 

[Juice]

my uncle has a very big business in dubai...pretty rich and miser dude....he told me a trend has already started in gulf of not accepting american dollars...they are preferring their local currency now...there is a word in dubai that there is no gold to backup the dollar bill.

All the gold ever mined is about 7.5 trillion, not enough to even cover 1/2 of one years worth of the American economy alone. Take some economics classes, gold standard means nothing in modern economics, so I'm sure that they are not freaked out that it isn't backed in gold. No real currency is. If the world does go back to a gold standard, we will be back in the dark ages. And the US would still be ahead, we have most of the gold, our reserves and that of many other countries are kept in the US.

 

[jeypore]

What may exactly happen if the debt ceiling is reached ?

Will the US govt. tighten its domestic rules and ppl will not get debt ?

I am not sure as to how will this move result in ppl loosing their jobs ?

How will corporate America be affected if domestic loan payment/repayment rules meant for individuals are modified?

You raise some good questions, but If US defaults on it's loans, the effect would be domestically of course. But the foreign loans (like the Chinese or Japaniese) would be bought over by the Corporate America, That is how the Constitutions is set in America....

 

[FreekiN]

Serious? It is still available in Texas, or do you have other problems?

New Jersey

And im thankful for the 3000$/25000$

Fruck loans, man.

 

[Juice]

New Jersey

And im thankful for the 3000$/25000$

Fruck loans, man.

I always went with the loans, nothing like starting out under debt!

 

[jeypore]

The downfall of the US is they were living beyond their means and more importantly, they embarked on wars without realising the consequences, thinking that their overwhelming military might would squash the world!

They were surprised!

And the wars are becoming costly causing their getting into deeper debt!!

The problem is not the WARS!!!!!! The problem is Social Works, like the medicare (Which is the biggest)!!!!!!!!!!!

 

[Zizou]

I think they will raise the debt ceiling for now but sooner or later it is bound to come crashing down taking everyone together with it ... Most of the people are aware that there is no saving this system now .. it is already too late ... and i am very sure the very people who invented this system always knew that this day will eventually come and most definitely have an alternative in place ...

Out of Chaos will come a new order ..

 

[truth is here]

All the gold ever mined is about 7.5 trillion, not enough to even cover 1/2 of one years worth of the American economy alone. Take some economics classes, gold standard means nothing in modern economics, so I'm sure that they are not freaked out that it isn't backed in gold. No real currency is. If the world does go back to a gold standard, we will be back in the dark ages. And the US would still be ahead, we have most of the gold, our reserves and that of many other countries are kept in the US.

the word is out...even the russians know there is no gold in USA LEFT but only tungston bars ..zionists shipped all gold out casue they know america is about to crumble cause of dick cheneys habit of fighting wars with everyone....14 trillion debt and bankrupty just coming next month in ramadan...people dont wanna use dollar now ...there are other currencies too like euro and british pound and local gulf currencies....what makes you think people will still deal in dollars after this athentic news??
you can keep your green dollar billars...they are useless now in some time so bye bye and have a nice downfall

 

[Juice]

I think they will raise the debt ceiling for now but sooner or later it is bound to come crashing down taking everyone together with it ... Most of the people are aware that there is no saving this system now .. it is already too late ... and i am very sure the very people who invented this system always knew that this day will eventually come and most definitely have an alternative in place ...

Out of Chaos will come a new order ..

That is somethig to think about...modern capitalism is only the latest incarnation of a continous evolution of economic systems. It developed from mercantilism, and competed with communism. It won't last forever, anymore than the old systems did. It will be interesting to see what comes next.

 

[Zizou]

All the gold ever mined is about 7.5 trillion, not enough to even cover 1/2 of one years worth of the American economy alone. Take some economics classes, gold standard means nothing in modern economics, so I'm sure that they are not freaked out that it isn't backed in gold. No real currency is. If the world does go back to a gold standard, we will be back in the dark ages. And the US would still be ahead, we have most of the gold, our reserves and that of many other countries are kept in the US.

Yes, but question is who brought all that gold to USA in first place and what makes you think they will keep that in USA and not move to a new place?

 

[jeypore]

Well unfortunately, the inevitable cannot be avoided, & the future of the US unfortunately looks extremely bleak, unless it rectifies the huge structural problems in its economic system.

Really.........

Then why with this receassion the growth per quarter or even yearly are positive? Infact I believe 1%+..............

The real definition of receassion is the negavitive growth, and are you seeing that in US today. The only thing you are basing your argument is the negative reports on the unempolyemnet reports.. And that directly reports to Taxations on Corporate America... There is no future investments because of fear of the current administration strategy towards free market society!!!!!!!!!!!!

 

[Juice]

Yes, but question is who brought all that gold to USA in first place and what makes you think they will keep that in USA and not move to a new place?

Our gold reserves our ours, noone will take it, unless they can invade (not likely) As far as nations like Germany, even if they ship it back home we still have the most. (And if the world collapses, we may keep it.)

 

[untitled]

Self Delete

 

[Juice]

the word is out...even the russians know there is no gold in USA LEFT but only tungston bars ..zionists shipped all gold out casue they know america is about to crumble cause of dick cheneys habit of fighting wars with everyone....14 trillion debt and bankrupty just coming next month in ramadan...people dont wanna use dollar now ...there are other currencies too like euro and british pound and local gulf currencies....what makes you think people will still deal in dollars after this athentic news??
you can keep your green dollar billars...they are useless now in some time so bye bye and have a nice downfall

You are wrong, it wasn't Zionist that took the gold...it was space aliens, they needed it to fuel their ships. But they left us with magic space metal...worth more than gold.