Hello Carranza2, I did not realize you live in Louisiana. Yikes. And we are coming into the season again.
Today is/will be a typhoon day here in HK, a possibly bad one, that already killed perhaps 3 dozen folks in the Philippines.
On ...
<<The long and the short of it is that a nation's debt is not backed by the value of its infrastructure or its citizens' assets or any other assets which the holder of the bill cannot get his grubby little hands on if the debt is not paid, as Maudlin suggests, but by the ability to pay in a currency that's worth something. And that ability is wholly dependent on the size of the debt and the nation's prospects.>>
... yes and no, because the French experiment was in fact based on confiscated church real estate achamchen.com , and then not.
The US experiement was at one time based on asset (gold), then productivity/investment gain, and as we go forward, stuff to be bought out (companies, highways, buildings, etc) ... so there is quite a while to go yet, as there is a lot of ruin in a every country.
<<But with enough debt in place, the banker becomes the debtor's partner, a simple thing I think the exporting creditors understand very well. And that is why I don't think we'll see a traumatic TEOWAWKI of the kind I think you expect.>>
... well, yes and no, because the normal banker is in fact not competing against his customer, bad debt or no bad debt, where as ... Message 22454732
Chugs, J |
