Posted on 03/11/2012 11:12:35 AM PDT by whitedog57
Germany has offered Greece “help” in collecting their taxes. And the largest debt holdings eligible for the PSI writedowns fall under British and Japanese law, not Greek law (see Greek bonds outlined in pink). Thus, Greece cannot force the bond swap on those British and Japanese bonds. (the complete list of PSI eligible bonds is available here.
The bigger picture is that Greece has lost control of its sovereignty because of their massive deficits and debt. When Germany wants to send tax collectors to Greece and NEW debt in the PSI swap deal are written under BRITISH law, you know your sovereignty has been comprised. By their own hand, of course.
Whither USA?
This brings me to the following question: whither USA?
The US fiscal deficit picture is horrible (very Grecian). And I have serious doubts as to the budget deficits falling over the next ten years. Perennial budget deficits will result in the US doubling its debt in the near future.
US debt is held primarily by our own Federal Reserve of New York, China and Japan. OPEC is a distant fourth.
And like our Federal debt, foreign ownership is growing.
At what point does China, Japan, OPEC and other nations insist that they send tax collectors to our shores? And at what point do they lend us money, but under Chinese and Japanese laws? [I have no idea what OPEC would do other than make oil payable in gold).
The US is pushing itself into an ugly corner with its excess spending, deficits and debt load. Don’t be surprised if China comes a knockin’ at our door!
The good news? I doubt that The Fed will impose Draconian rules on U.S. Treasury debt!
(Excerpt) Read more at confoundedinterest.wordpress.com ...
I predict huge parcels of federal lands will eventually be sold for debt. The land the enviros would not allow to be sold to Americans in any significant amount will fall into foreign and hostile hands. Soros, Chinese . . . interests will harvest the natural resources denied to us today.
By that time, the civil society will have already collapsed. It will all work out because foreign overlords will need serfs to work the lands.
Did anyone consider that our downsizing of the military was an off balance sheet deal with China and the ECB?
Stated differently, suppose we had a Post American President itching to turn our spending over to China or Europe. Or the World Court. Think about it.
“Stated differently, suppose we had a Post American President itching to turn our spending over to China or Europe. Or the World Court. Think about it.”
Suppose our monetary system were in the hands of a foreign bank such as the FED? Frightening. We’re already sunk.
Look at the charts at the four largest holders of us debt: the fed, china, Japan and OPEC.
Oy vey!
No. Greece is a member of the EMU. The USA is not.
Bipartisan government income dependents (all—direct, contractors and services), don’t get your hopes up. Our government will just default. Much smaller government is ahead.
There’s also the stupid argument about socialist government continuing to be big, rich and powerful by printing money. That’s not going to happen, either, without sustainable revenues from manufacturing. Otherwise, government’s money is as worthless as that of everyone else.
There will be a bond collapse, currency adjustment and enormous cuts in income recipients in all levels of government.
Avoid buying anything that you don’t need. Become more self-sufficient each month. Starve the B.
Too bad that we didn’t have enough real products to trade and opted for this declining debt regime instead.
>> “...you know your sovereignty has been comprised.” <<
.
Even the illiterate can be journalists...
“I predict huge parcels of federal lands will eventually be sold for debt”
It already backs the debt.
You should have had this epiphany about 100 years ago...
>> “I predict huge parcels of federal lands will eventually be sold for debt” <<
>> “It already backs the debt.” <<
Soon the trolls will be here to declare both of you empty-headed ‘Bircher’ “conspiracy theorists.”
The Birch society predicted everything we’re experiencing today, back in 1958.
>> “You should have had this epiphany about 100 years ago.” <<
.
Senator Joseph McCarthy had it back in 1953. The mediots stoned him to political death.
LOL!
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