Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (72405)	2/7/2010 4:07:19 PM
From: arun gera	1 Recommendation Read Replies (1) of 74559

>Arun, people who owe money on their houses and are unable to pay are in big trouble. They'll have to live in a park under a hedge. They just lose their borrowing ability. So they rent for less and enjoy if they still have a job. >But if the government just defaults on debt, the lenders can't do anything about it. The creditors can't do anything.> Of course the lenders can. They stop accepting that country's currency and then the country gets collectively poor if it depends on imports. If the country is competitive in the world marketplace (like an individual who can keep his job even though his house got foreclosed), it recovers in some time because its exports now have pricing advantage. In the interim period there is still some pain. -Arun

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