This is all orchestrated by the US. Don’t forget that the US orchestrated the overthrow of the Russian backed government of Ukraine in order to surround Russia and provoke Russia. Now they are trying to destroy the Russian economy. The thing is Russia’s debt to GDP ratio is 8% whereas the US’ is nearly 100%. Russia has massive gold reserves and the US has none left. Russia can default on all its European $1.5 trillion loans and send the whole of Europe into a collapse and drag the world economy with it. This is not going to end well at all.
Russia screws up. Conservatives Blame America First. Film at 11.
You touched on a subject I thought about many years ago.
First a little background -MPC is Military Payment Certificate money it looks like monopoly money.
Upon arriving in Korea you had to turn in all your greenbacks and get the equivalent in MPC.
When I was in Korea for months, all of a sudden they told us to turn in all our MPC money immediately, like, by noon the next day.
The Army then reimbursed you with the equivalent of the new MPC.
This had the effect of defrauding anyone outside of the military that had large amounts of old MPC. The old MPC became worthless, and could never be turned back in for Greenbacks.
So I got to wonder what if a country decides to default and has its citizens turn in their money for a new currency issue and the outsiders get stuck with useless money.
I realize it gets messy and there are a lot of considerations like letting selected friendly countries, or countries you depend on, off the hook.
Pretty complicated, and probably a straight up default on selected debts is the easiest option.
But the way the world is going, nothing can be ruled out.
Just wondering. - Tom
Also keep in mind that the Chinese economy is grinding to a abrupt halt right now.