Default Will Happen

[Liberty74]

So it looks like the Greek default will not be avoided as many predicted including myself. It was only a matter of time before kicking the can down the road came to an end. Sorry Europe but your gig is up.

Greece Default Will Happen

This will no doubt set up a domino effect in Europe because many countries like Spain, France, Portugal, Ireland, U.K. have massive debt loads that are unsustainable. Drudge has a headline up now reading, "Portugal moves into default territory..." And then the big wave across the Atlantic will hit our shores.

Things could get very scary very fast having ramifications on the primaries/general election.

Any thoughts?

 

[JoshS]

2012. *cue music*

 

[matt0611]

Damn, I own a bunch of non-US currencies, I'm gonna take a huge hit because all the wussies are gonna run to the all-mighty "dollar" come tomorrow. Ugh.

 

[Endthefednow]

It will be the End of the world as we know!

 

[thoughtomator]

it happened long ago, all the fuss has merely been about how much they could suck out of their respective government treasuries for the bagholders

 

[mises2pieces]

Sounds harsh, but another round of economic crises will be good for the Ron Paul campaign. He's been predicting disaster for a long time, and his solutions are "radical," which people will support in a crisis.

 

[Patrick Henry]

This is not going to end well as we all know.

 

[James Madison]

Gold, silver, and seeds. Plan accordingly.

 

[AdamT]

Don't worry, the FED will bail them out.

 

[seapilot]

I never heard of a country defaulting. Usually countries print money to inflate away the bad debt thus destroying any persons real savings and value. I think the Euro will take a hit on this, thus ironically causing people to flee to the US dollar and Canada dollar.

 

[osan]

.
This will no doubt set up a domino effect in Europe because many countries like Spain, France, Portugal, Ireland, U.K. have massive debt loads that are unsustainable.

Debt to WHOM? This is, as far as I can tell, never addressed... certainly not my the MSM. To whom is all this money owed, and if they default what will be the nature of the foreclosure? I can think of a few possibilities. Anyone?

 

[Liberty74]

Debt to WHOM? This is, as far as I can tell, never addressed... certainly not my the MSM. To whom is all this money owed, and if they default what will be the nature of the foreclosure? I can think of a few possibilities. Anyone?

The people (bonds), private investors, IMF, ECB, pension funds, greek banks, non greek banks, etc.

Imagine not being able to pay those entities above who give you money to stay afloat. What happens when you (Greece) don't get anymore money loaned to you because you cannot repay? How do you operate as a country? It's not like Greece makes anything. What happens to all the banks outside of Greece that have receivables on their bank assets for interest and loan repayments for balance sheets now will show as ZERO? And what happens to those banks that have loans to the banks that have loans to Greece? See the potential ripple effect if there is a domino effect in countries defaulting? A lot of people don't know this but banks loan to banks too.

 

[QueenB4Liberty]

How appropriate I'm listening to "road to nowhere" by the Talking Heads.

Interesting times lie ahead I guess.

 

[ryanmkeisling]

I feel fine.

 

[The Gold Standard]

The rush to the dollar is just going to encourage the Fed to print more money, which will just make our suffering that much worse when Europe gets settled again.

 

[Philhelm]

Save up your bottle caps...