dont think they got the point..
someone was claiming all civilizations come to and end yet china has almost 4,000 years of continuous history.
they have survived through worse than a bit of money problems
Eurozone up the spout
- Thread starter White Mouse
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someone was claiming all civilizations come to and end yet china has almost 4,000 years of continuous history.
they have survived through worse than a bit of money problems
Soldato
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It is marginally good news in the short-term, but long term it is on track for a net loss I think - it won't keep pace with the US population/work force growth thus won't bring down unemployment at a sustainable level.
http://www.guardian.co.uk/commentisfree/cifamerica/2011/aug/05/us-credit-rating-downgraded-moodys
Interesting opinion piece on the CRAs, who failed to stop the 2008 financial crisis and are actively causing the 2011 one.
Interesting opinion piece on the CRAs, who failed to stop the 2008 financial crisis and are actively causing the 2011 one.
I fail to understand why they have any credability at all after they cluelessly had marked millions of sub prime loans as investment grade before the 2008 meltdown. The markets are more than capable of making their own minds up without them.
whites only sequestered state? where do I sign up?
So are you complaining about them not doing their job well before, or about them doing it now?
When the Eurozone decided the appropriate precedent to set with Greece was a selective default, it was fairly obvious what would follow, and very obvious that it wouldn't solve the problem.
Only if you ignore the international accounting regulations that absolutely require the markets (or a large proportion of bondholders more specifically) to listen to and follow the ratings markets, as well as breaking the ratings markets in the first place in the process.
I remember as a small kid the Rag and Bone man driving his donkey carriage up the street peddling crap, going to the Loo in an unheated outdoor building and the coal coming down a chute into our basement once a week. When it was really cold we'd go to the petrol station and pick up a bottle of Calor gas to try to keep warm and huddle around it. We'd all huddle around the tv and try to work out which grey ball was pink and which was yellow in the Snooker championships. That was in the seventies, and things have come a long way since then but they were nothing compared to the poverty my grandparents lived through.
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Don't forget about the operations without anaesthetics, dying from flu ... some people go to the gym twice with their all powerful mates and suddenly think they are in the Middle Ages again.
The stuff I have the earliest memories of was poverty, but as you point out you can be much poorer than that. My grandma never told me about what they went through, but I know she would queue for hours every weeks for a couple of eggs. There's a whole bunch of people cheering for everything to collapse, just be careful what you wish for. Being constantly cold and hungry is not fun.
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1. Private financial institutions and individuals both domestic and foreign. Who owns what depends largely on the country. Governments issue bonds and anyone can buy them.
2. No, the pub may suffer a crippling capital loss and go out of business, along with the brewery and a large proportion of its customers.
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That money never existed in the first place
pretty much, a panorama programme mentioned that for every physical dollar around 40 were borrowed on the back of it - at the height of the credit boom