Duck Rodgers
Well-Known Member
However, the defaults that we faced a few months back by the tea party wackos? And now the problems we face today? Sure, there might be some people that want a default to happen, or support the tea party efforts to run our country off a cliff (I wouldn't be surprised if LG, as an independent, was one of them). But the rest of us don't want a default. And the rest of us find the no rise in taxes pledge ridiculous. Most of Americans want both new revenues and cuts, not just cuts.
The funny thing is that default is really the only solution . Not unilateral default, but multilateral default and multilateral debt forgiveness across the board. Every bank, every government, every private company, every individual in the entire world that has ever lent or borrowed money would have to agree to pretend those contracts never existed and start over with a clean slate. That is how absurd all this debt talk nonsense and all these different protest groups are. You cannot fix the problem unless you do what I said above and the above is never going to happen for obvious reasons.
What's OWS going to do about derivatives? They are already out there, they are already worthless, and with MF Global going bankrupt, not being able to cover even 900 million of personal accounts, and the CME refusing to provide any backup funds because they know it's just going to be one of many in they near future, they are admitting it's a ponzi scheme by their actions. They are admitting that if enough people wanted to call in their contracts, they wouldn't receive anything in return. What happens when a $1.5 Quadrillion ponzi scheme blows up? We're about to find out.