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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Snowshoe who wrote (55289)11/1/2004 5:16:46 AM
From: Elroy Jetson  Read Replies (1) of 74559
 
In the process of de-leveraging, those with debt who have already spent more than they earned are not obligated to repay that which was spent.

Those who lent the money for those loans lose their savings. This is a simple fact. If someone has purchased insurance against the loss of default, the loss is borne by the insurance company - regardless of whether the insurance company is government or private.

The loss of the insurance company or government is borne ultimately by savers:

those who owned the insurance company stock and bonds, and;

those whose savings lose value as the government makes good on the losses at banks by creating more money out of thin air - devaluing the existing money of savers.

.
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