"Canuck57" wrote in message
...
On 24/01/2010 5:20 PM, thunder wrote:
On Sun, 24 Jan 2010 15:02:26 -0500, Eisboch wrote:


What happens if the USA just says, "No"?

Just curious.

It would be one hell of a crash, and 5-10 very rough years, but then...
We'd have to get our own house in order, as no other country would want
to finance our overspending ways. Personally, I don't think it would be
all bad, but there are a lot easier ways to get our house in order. It
would be playing with fire, and you never know how burned we would get.

Iceland, Brazil, Zimbabwe, Venzuela, Argentina, Germany pre WW II all have
some history on this. Generally not good for the standard of living which
drops signifigantly. How far it drops depends a lot on the size of the
default. $2 trillion ot the Chinese, you will notice it big time.
Especially if the Saudis want Euros for USDs on the value drop --
could happen very fast. Get the Japanese banks to drop in the middle
being a major holder of US debt... all hell could break loose when the
germany banks fall.

Just waiting for the music to stop.


Please keep waiting (can you do this quietly?) Get back to us when the sky
starts falling.

--
Nom=de=Plume