Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: lorne who wrote (121506)	1/10/2012 4:19:12 PM
From: Wayners	2 Recommendations Read Replies (1) of 224707

or maybe not. It's clear we cannot and will not ever pay these enormous debts. Many countries in the world have defaulted on their debts by either not paying or printing money. Oftentimes this has led to war over the debts, but even if it doesn't lead to war and just as we saw with the banks lending money to borrowers that could never pay, eventually bad credit risks get credit again, just at very unfavorable terms. And if you look at history, hasn't the United States defaulted before? For example when we stiffed foreigners on being able to convert their dollars into Gold back in 1971, wasn't that a technical default? The contract with the issued Federal Reserve Notes at the time was to allow conversion to Gold. You can't just change the rules without it being considered a default. I know the Feds don't consider 1971 a default, but how did foreigners look at it and also take a look at what happened to interest rates between 1971 and 1982 and how they skyrocketed. Did they skyrocket because of this default and resulting inflation, or did they just skyrocket because of inflation? Hmmmmmmmmm.

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