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Meuh6879
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Activity: 1512
Merit: 1011
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August 02, 2014, 07:43:00 AM |
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true since december 2013 for me ... since law are adopted to freeze and steal money from personal account in a week-end (cyprus schematic) to bail-out the banks to avoid bank run (bulgaria schematic).
all in place ... bitcoin will win at the end (like all performante and isolate tool)
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BitCoinDream
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The revolution will be digital
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August 02, 2014, 08:42:33 AM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine
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keithers
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This is the land of wolves now & you're not a wolf
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August 02, 2014, 09:01:20 AM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
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Rub3n
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August 02, 2014, 09:09:48 AM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine Yeah thanks, just woke up so this helps.
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Jamie_Boulder (OP)
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August 02, 2014, 10:58:24 AM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
A currency that's actually useable & trusted by the people is better than the debasement of banks & greed of government officials.
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Professor Plums
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August 02, 2014, 11:03:41 AM |
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Arent most countries close to bankruptcy? Isn't America in debt where it is unable to pay?
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lepirate
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August 02, 2014, 11:13:51 AM |
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Arent most countries close to bankruptcy? Isn't America in debt where it is unable to pay?
Not all countries. Most countries have a national debt, but a most of them don't have a debt bigger than they can pay off.
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Thekool1s
Legendary
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Activity: 1512
Merit: 1218
Change is in your hands
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August 02, 2014, 11:15:43 AM |
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Why isn't USA on the list?
Because Yahoo is the biggest Racist fish out their
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will_see
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https://bountyminer.io
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August 02, 2014, 11:18:29 AM |
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Arent most countries close to bankruptcy? Isn't America in debt where it is unable to pay?
This debt is for FRS but not for some country. That is why America is not at this list.
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tatu
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August 02, 2014, 11:21:24 AM |
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I think there will be something worse coming with econmic collapse almost certain eventually. Arent most countries close to bankruptcy? Isn't America in debt where it is unable to pay?
This debt is for FRS but not for some country. That is why America is not at this list. What is the FRS?
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qwerty555
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August 02, 2014, 11:25:29 AM |
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Why isn't USA on the list?
Usa is not there as a) most of the debt is in dollars and they can just print enough any time they want to pay it off...This will of course have serious effects on inflation and make everyone holding dollars poorer as they would need to pay 2 or 10 or 100 times more for anything that they buy..and b) USA or any other country is never really bankrupt as they still have land , buildings roads/ resources and lots of other stuff that they can sell or lease to pay debt.. When most people call a country bankrupt or close to bankruptcy what the really mean is they are in or close to a sovereign default.. i.e they cannot or will not( under existing terms of their debt, which will ALWAYS eventually be renegotiated) pay obligations when they fall due.. http://en.wikipedia.org/wiki/Sovereign_defaultSome countries can deal with the renegotiation better than others. Normally the effect is that everybody gets poorer and often they introduce currency controls and or bank raids high taxes etc by the State like in Cyprus so the rich have a big share of the burden of solving the mess the politicians have handed the Country. Where bitcoin comes in is to avoid / evade effects like that you can change your local currency deposited in banks or under your mattress to bitcoin..send it to places like the caymen Islands and reconvert to fiat to safely deposit it in a bank out of reach of your (naughty) Govt . Before the advent or bitcoin this process was done by buying $,s on the black market at 10 to 50% extra. Putting them in suitcases and travelling abroad hoping not to get caught.. Bitcoin makes the process sooooo much easier and cheaper.
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juicyjuice87
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August 02, 2014, 11:40:55 AM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine Yeah thanks, just woke up so this helps. Lol thanks
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Elwar
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Viva Ut Vivas
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August 02, 2014, 12:01:38 PM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
Bitcoin will not save countries. It will save people.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
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TheGame
Member
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You just lost
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August 02, 2014, 12:20:03 PM |
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I would say all the fiat system is collapsing, the world needs to go back to gold and/or now adopt BTC.
yes..It is a total myth that fiats last a long time.All fiats die ..all fiats die .. ALL fiats dieThe current capitalistic system is doomed and bound to fail at some point.
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Elwar
Legendary
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Activity: 3598
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Viva Ut Vivas
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August 02, 2014, 12:36:09 PM Last edit: August 02, 2014, 12:49:45 PM by Elwar |
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I would say all the fiat system is collapsing, the world needs to go back to gold and/or now adopt BTC.
yes..It is a total myth that fiats last a long time.All fiats die ..all fiats die .. ALL fiats dieThe current capitalistic system is doomed and bound to fail at some point.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
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cr1776
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August 02, 2014, 02:57:00 PM |
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I would say all the fiat system is collapsing, the world needs to go back to gold and/or now adopt BTC.
yes..It is a total myth that fiats last a long time.All fiats die ..all fiats die .. ALL fiats dieThe current capitalistic system is doomed and bound to fail at some point. The current fascist/authoritarian/statist system is doomed. FTFY.
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arklan
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August 02, 2014, 04:18:41 PM |
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while i agree the financial system is close to collapse, i highly doubt it will happen overnight. no repeat of the great depression. more like slowly rising prices and unemployment as people get laid off and jobs get harder to find.
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i don't post much, but this space for rent.
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countryfree
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Activity: 3052
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Your country may be your worst enemy
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August 02, 2014, 06:25:57 PM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
Bitcoin will not save countries. It will save people. Wow! I think you're a bit optimistic. I'd say BTC can help, but some people won't understand how BTC can help them, or they might not want to be helped.
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I used to be a citizen and a taxpayer. Those days are long gone.
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wenben
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August 02, 2014, 06:31:33 PM |
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Why isn't USA on the list?
Because US debt is denominated in USD. Can always print more to pay back the creditors.
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keithers
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This is the land of wolves now & you're not a wolf
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August 02, 2014, 07:36:10 PM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
A currency that's actually useable & trusted by the people is better than the debasement of banks & greed of government officials. I agree that its better, but unless there is some massive revolution with a government overhaul, they will still be in charge
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Pushtheghost
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August 03, 2014, 05:56:14 AM |
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It was interesting watching what Argentina did to the markets in one day. I think we are nearing a interesting time where new superpowers will step forward and maybe even a transition from the petro dollar. But then again we could keep slugging away the same way we always have.
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vleroybrown
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August 03, 2014, 06:08:26 AM |
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When the next debt crisis hits it is gonna be a masterpiece! Blah Blah Blah.. wait and see
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TaunSew
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August 03, 2014, 06:28:39 AM |
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I disagree. The Government isn't the Borg Queen, it's a collection of individuals & agencies who are motivated by their individual goals and wishes. The Federal Reserve for instance is distinct from the other arms of the government.
Bitcoin can be used as a national currency, no reason why it couldn't. Governments can collect their revenue from taxation and then spend the funds accordingly.
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There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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qwerty555
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August 03, 2014, 07:16:11 AM |
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I disagree. The Government isn't the Borg Queen, it's a collection of individuals & agencies who are motivated by their individual goals and wishes. The Federal Reserve for instance is distinct from the other arms of the government.
Bitcoin can be used as a national currency, no reason why it couldn't. Governments can collect their revenue from taxation and then spend the funds accordingly.
Bitcoin will never be used as the USA National currency as someone will want/need to control ...either Banks or Govt. but would probably co exist with a new National crypto currency. The USA ( and a few others) Govt did not used to be the Borg Queen a long time ago..but now it is. Govt is motivated by individual ( personal ..get rich or re-elected) goals in the 1st instance and good work in the second intance ( based on the If I'm not elected ( which needs financing and money in MY bank) I cant do any good..doctrine) While the Fed is outwardly private owned..the influence Govt has is in fact strong, if not effectively absolute..they will threaten to change the system and kick the bankers out if ever a major request to them is denied...Congress actually has power to do that if ever they want to...It is just convenient for Govt. to have a scape goat to blame if things go seriously wrong a balanced view is here ( without the stated recognition that Govt has them over a barrel IF ever they want to remove their power) http://www.monetary.org/is-the-federal-reserve-system-a-governmental-or-a-privately-controlled-organization/2008/02Another disturbing thing about the British news report is its reflection of the naive belief that more regulation means a safer, less risky financial system and economy. Big Government here and in Europe has perpetrated the astonishing myth that the recent financial crisis was caused by reckless and greedy private-sector bankers. No wonder the public howls for bankers’ heads. The real villains here were governments, particularly central banks.http://www.forbes.com/sites/steveforbes/2013/07/24/big-government-and-central-banks-the-real-criminals/
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JJB
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August 03, 2014, 07:43:41 AM |
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When the next debt crisis hits it is gonna be a masterpiece! Blah Blah Blah.. wait and see
I don't think it'll be long before it does hit. Economists are already warning it will be worse than the sub prime crisis.
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TaunSew
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August 03, 2014, 11:52:40 PM |
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When the next debt crisis hits it is gonna be a masterpiece! Blah Blah Blah.. wait and see
I don't think it'll be long before it does hit. Economists are already warning it will be worse than the sub prime crisis. How can it be worse than sub prime? Sub prime wiped out the construction industry (which hasn't come anywhere close to recovering in terms of jobs). There's nothing left to wipe out anymore unless it's oil jobs, government jobs or office jobs..
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There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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wachtwoord
Legendary
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Activity: 2324
Merit: 1125
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August 03, 2014, 11:56:52 PM |
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Why isn't USA on the list?
Because they can always inflate and tax until they can pay. The debt is in USD.
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hashman
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Activity: 1264
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August 04, 2014, 02:42:23 AM |
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Who would loan money to a geographical location? lol
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Daniel91
Legendary
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Activity: 3374
Merit: 1824
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August 04, 2014, 12:18:32 PM |
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I disagree. The Government isn't the Borg Queen, it's a collection of individuals & agencies who are motivated by their individual goals and wishes. The Federal Reserve for instance is distinct from the other arms of the government.
Bitcoin can be used as a national currency, no reason why it couldn't. Governments can collect their revenue from taxation and then spend the funds accordingly.
Bitcoin will never be used as the USA National currency as someone will want/need to control ...either Banks or Govt. but would probably co exist with a new National crypto currency. The USA ( and a few others) Govt did not used to be the Borg Queen a long time ago..but now it is. Govt is motivated by individual ( personal ..get rich or re-elected) goals in the 1st instance and good work in the second intance ( based on the If I'm not elected ( which needs financing and money in MY bank) I cant do any good..doctrine) While the Fed is outwardly private owned..the influence Govt has is in fact strong, if not effectively absolute..they will threaten to change the system and kick the bankers out if ever a major request to them is denied...Congress actually has power to do that if ever they want to...It is just convenient for Govt. to have a scape goat to blame if things go seriously wrong a balanced view is here ( without the stated recognition that Govt has them over a barrel IF ever they want to remove their power) http://www.monetary.org/is-the-federal-reserve-system-a-governmental-or-a-privately-controlled-organization/2008/02Another disturbing thing about the British news report is its reflection of the naive belief that more regulation means a safer, less risky financial system and economy. Big Government here and in Europe has perpetrated the astonishing myth that the recent financial crisis was caused by reckless and greedy private-sector bankers. No wonder the public howls for bankers’ heads. The real villains here were governments, particularly central banks.http://www.forbes.com/sites/steveforbes/2013/07/24/big-government-and-central-banks-the-real-criminals/I agree with this viewpoint. Also, Bitcoin itself can't help any national economy to get rid of debts. Economy (and specially World finance industry) is still based on USD, and most countries asking for loan in USA, and this will not change soon. If bitcoin will be regulated and have its own bank this story may be different but because this will never happen we can't think that Bitcoin can directly help any of this 11 countries close to bankruptcy...
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realdope
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August 05, 2014, 11:18:55 AM |
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BTC or mad max
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lyth0s
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World Class Cryptonaire
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August 05, 2014, 11:26:43 AM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine How did they forget places like Ireland, Portugal and Spain? Ireland is predicted to have about a 40% year over year chance of becoming bankrupt.
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TaunSew
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August 05, 2014, 11:36:24 AM |
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What I meant is how does it hurt the working or middle class people. A lot of people still haven't recovered to pre-2008 as sub prime literally wiped out construction and supporting industries. So there's nothing to wipe out this second time around. If I am wrong and it's bad bad well that comes down to the expression break a few eggs to make an omellete. I don't think anyone thinks capitalism on a society basis has worked since the 1960s. Sounds like you are concerned about a potential economic crisis that would actually hurt the banking class for a change. Though using hurt is a bit of an understatement. I wish I knew that feeling to downgrade from a Lamborghini to a Mustang.
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There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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lyth0s
Legendary
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World Class Cryptonaire
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August 05, 2014, 11:40:27 AM |
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Could JP Morgan have a very large derivative sheet in order to combat a predicted high inflation rate? Maybe they know something we don't?
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wachtwoord
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August 05, 2014, 12:03:35 PM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine How did they forget places like Ireland, Portugal and Spain? Ireland is predicted to have about a 40% year over year chance of becoming bankrupt. Because 11 is a really low number. Isn't this a list of the 11 most likely?
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lyth0s
Legendary
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Activity: 1260
Merit: 1000
World Class Cryptonaire
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August 05, 2014, 12:37:12 PM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine How did they forget places like Ireland, Portugal and Spain? Ireland is predicted to have about a 40% year over year chance of becoming bankrupt. Because 11 is a really low number. Isn't this a list of the 11 most likely? I don't know much about Jamaica, Ukraine or Belize, but 40% annual chance of going bankrupt seems like it would make the top 10. Unless this article is basing it off of Debt % of GDP.
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lyth0s
Legendary
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Activity: 1260
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World Class Cryptonaire
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August 05, 2014, 12:45:00 PM |
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Thanks for that article. Besides all the connections JPM has, these comments are the ones I found most interesting. "JPMorgan Chase CEO Jamie Dimon is on Capitol Hill again today, this time to talk to the House Financial Services committee about the bank's recent multibillion-dollar trading loss. ...His Senate hearing was hardly a grilling; senators mostly praised him for his "emphasis on continuous quality improvement," in the words of Senator Jim DeMint, R-S.C. " -- Basically, we called you here to investigate why these losses took place, but instead....lets just complement you on your work ethic. "Jamie Dimon sits on the board of the New York Federal Reserve — something that's prompted a proposed bill from Democratic senators that would ban officials of banks that can receive loans from the Fed from serving on any of its boards. JPMorgan and 17 other banks whose execs served on regional Fed boards got emergency loans from the Fed between 2007 and 2009. A government report found no evidence of conflict of interest from the arrangement, but did raise the concern of "reputational risks" from the appearance of one. " --JPM CEO sits on NY Federal reserve board and received emergency loans from the Fed back during the subprime crisis. I wonder if the fed gave these loans out to many corporations or if there was any JPM favoritism (not that it really matters after the bailouts).
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kutaka
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August 05, 2014, 01:22:41 PM |
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Big guy can get away with much more than small guy. It is so and it's been so for last few thousands of years.
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qwerty555
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August 05, 2014, 01:33:02 PM |
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Big guy can get away with much more than small guy. It is so and it's been so for last few thousands of years.
yes..occasionally it is reversed..French revolution..Oliver Cromwell..chairman Mao but human nature is what it is and will continue to be so for the foreseeable future
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Bogleg
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August 05, 2014, 07:19:07 PM |
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Big guy can get away with much more than small guy. It is so and it's been so for last few thousands of years.
yes..occasionally it is reversed..French revolution..Oliver Cromwell..chairman Mao but human nature is what it is and will continue to be so for the foreseeable future French revolution is probably the most brutal event that ever happen to the ruling class for the west. Other culture (ie China) revolution is more used to having the whole emperor family getting slaughtered by warlords.
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wachtwoord
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August 05, 2014, 07:51:31 PM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine How did they forget places like Ireland, Portugal and Spain? Ireland is predicted to have about a 40% year over year chance of becoming bankrupt. Because 11 is a really low number. Isn't this a list of the 11 most likely? I don't know much about Jamaica, Ukraine or Belize, but 40% annual chance of going bankrupt seems like it would make the top 10. Unless this article is basing it off of Debt % of GDP. Argentina just defaulted (so 100% chance) and Ukraine was already fucked before the civil war started. I'm not too sure about the odds of the others.
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Brewins
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August 05, 2014, 08:21:24 PM |
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Zimbabwe not in the list?
They recovered from that inflation, or they are in the already in bankruptcy list?
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Omikifuse
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August 05, 2014, 09:37:52 PM |
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I would add all the Euro zone to this list.
When they unified their coin, they gave up their monetary decisions to a supra-national entity, so pretty much if one falls, the other will follow.
And there are not few countries in the zone with problems, bigger or smaller(Greece, Portugal, France, Italy, Spain, etc...)
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oceans
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August 29, 2014, 02:40:02 PM |
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It's true that it does seem that fiat is collapsing and at some point it may but the way things are now I do not see bitcoin as of yet getting us out of any kind of mess if fiat did collapse.
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Damnyo
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August 29, 2014, 02:46:38 PM |
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Their only hope = adopting BTC or death.
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botany
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August 29, 2014, 04:31:02 PM |
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Zimbabwe not in the list?
They recovered from that inflation, or they are in the already in bankruptcy list?
Maybe they weren't even good enough to get international debt issued, forget defaulting on it.
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giveBTCpls
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August 29, 2014, 05:05:45 PM |
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Spain is also raking up debt at rampant speeds. Surprised is not even mentioned on there.
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wasserman99
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August 29, 2014, 05:41:30 PM |
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Here is the list if someone want is reluctant to check the article... 1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine How did they forget places like Ireland, Portugal and Spain? Ireland is predicted to have about a 40% year over year chance of becoming bankrupt. Because 11 is a really low number. Isn't this a list of the 11 most likely? I don't know much about Jamaica, Ukraine or Belize, but 40% annual chance of going bankrupt seems like it would make the top 10. Unless this article is basing it off of Debt % of GDP. Argentina just defaulted (so 100% chance) and Ukraine was already fucked before the civil war started. I'm not too sure about the odds of the others. Argentina is in default but they still have tax revenue and foreign country reserves. The only real difference between pre and post default argentina is the fact that they no longer have access to the capital markets, but they already really did not have access because of their known unwillingness to honor their debt.
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Wooden Plate
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August 31, 2014, 05:05:26 PM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
Exactly,a country's falling economy has certain conditions,say political instability or due to ongoing conflicts.Adoption of decentralized currency wouldn't do any good
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dadugan
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August 31, 2014, 06:05:55 PM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
Exactly,a country's falling economy has certain conditions,say political instability or due to ongoing conflicts.Adoption of decentralized currency wouldn't do any good Right. If the country can not manage their own currency, converting it to bitcoin will not magically solve their problems. The county needs live within its mean and pay off their external and internal debt. Produce something the rest of the world want.
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Kickstart4
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August 31, 2014, 08:02:35 PM |
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No they are no going to be completely bankrupted just a fluctuation on their economy on regards to their countries political ecosystem
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devphp
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September 01, 2014, 08:57:29 AM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
A currency that's actually useable & trusted by the people is better than the debasement of banks & greed of government officials. How would that be different in BTC, where you have greed of early adopters controlling tens of thousands of BTC and effectively being able to manipulate currency acting as central banks? A better way would be some sort of PoS crypto split equally between all countries according to their population numbers, or even better, split equally between all individuals. But both plans are utopia anyway, not worth writing a few words about.
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Ayers
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Seabet.io | Crypto-Casino
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September 01, 2014, 03:02:57 PM |
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it's banks fault, they know that it was coming, and they did nothing, hope those bank can fuck off and accept bitcoin as a universal payment. they should come up with a alternative inflationary/deflationary system
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money420weed
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September 01, 2014, 03:10:13 PM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
Exactly,a country's falling economy has certain conditions,say political instability or due to ongoing conflicts.Adoption of decentralized currency wouldn't do any good Adopting a decentralized currency could calm some of the political instability. If the government cannot print money at will (and spend as much money via printing additional money) then there will be less reasons for corrupt politicians to try to come into political power in the first place.
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jjacob
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September 01, 2014, 04:59:07 PM |
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It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
Exactly,a country's falling economy has certain conditions,say political instability or due to ongoing conflicts.Adoption of decentralized currency wouldn't do any good Adopting a decentralized currency could calm some of the political instability. If the government cannot print money at will (and spend as much money via printing additional money) then there will be less reasons for corrupt politicians to try to come into political power in the first place. Corrupt politicians will just spend the money there is. You cannot dissuade them.
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Skavenger
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September 01, 2014, 05:29:07 PM |
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Countries close to bankruptcy: its simple, adopt BTC or DIE.
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Febo
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September 02, 2014, 06:46:38 PM |
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8. Cyprus 9. Greece
They cant bankrupt. Unless they decide so by theyself. They are part of EU. Things was not set perfect 5 years ago, but soon will be. But those 2 countries always had chance to 100% avoid bankruptcy.
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CryptoCarmen
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September 02, 2014, 09:03:51 PM |
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It is simple you cant live over your possibilities. Once country reach that they need to work half year to just pay off their old debts, they have to think what they do a lot. Their children's will have to pay interests on their easy life now. Unless they will decide to leave your in debt country and go live somewhere where today dont live over their possibilities.
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scryptasicminer
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September 02, 2014, 09:14:06 PM |
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Just let them go under. Make the banks and creditors take a haircut.
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galbros
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September 02, 2014, 09:16:00 PM |
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If countries borrow in other currencies they can default and be bankrupt. Argentina has done this and other nations as well. However, usually the debt is just restructured.
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STT
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September 03, 2014, 02:45:15 AM Last edit: September 03, 2014, 02:58:32 AM by STT |
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Here is the list if someone want is reluctant to check the article...
1. Ecuador 2. Egypt 3. Pakistan 4. Venezuela 5. Argentina 6. Belize 7. Cuba 8. Cyprus 9. Greece 10. Jamaica 11. Ukraine
I'll know when the world is maybe changing when USA is somewhere on lists like this people make. Its not even feasible in peoples minds at the moment. I mean we could still have Lehmans trading in theory, if they had just got the same finance from their creditors it would not be a problem for them but they got caught out and it was bad luck and of course awful company operation. USA needs that debt so badly, it can switch to a nasty situation very easily and only massive export production could counteract that kind of effect. Not just USA but any country with over 100% debt vs their GDP. Japan has a debt problem, their government would go broke but Japanese businesses still bring alot of money to the country, because of that their government siphons off value by issuing more currency. Also Japan has 1 trillion of USA debt so maybe people should look at this list above and see how much dollars or bonds they hold, its possible they would flush out problems elsewhere as did the Lehman effect Ecuador and Venezuela have massive oil reserves. They arent bankrupt with such big assets per capita, more like insolvent perhaps and if it was a company it would reorganised to strip out the wasteful parts like excess bloated government which is not profitable to a country or its people Unless they decide so by theyself. They are part of EU. Things was not set perfect 5 years ago, but soon will be. But those 2 countries always had chance to 100% avoid bankruptcy. Theres nothing in EURO that prevents bankruptcy from excess spending. The real dynamic is these are small countries so the stain they would leave behind on the remaining members is worth avoiding for relatively little cost. If France were to trip over in a similar fashion and it does have problems, then Europe cannot save them. Consider that Greece is unable to support others, it has not recovered and the debt it has will be there for decades. Other nations are similarly weak. If you told me the solution given was an immunity type cure, Greece could be scaled up and so France or similar large failure would supported by previous success then I could see it but nothing was resolved
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meadefreling
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September 03, 2014, 11:06:22 AM |
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I would say all the fiat system is collapsing, the world needs to go back to gold and/or now adopt BTC.
yes..It is a total myth that fiats last a long time.All fiats die ..all fiats die .. ALL fiats dieThe current capitalistic system is doomed and bound to fail at some point. True, but can BTC going by its present trends revitalize these economies world wide if totally adopted.
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yayayo
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September 03, 2014, 01:25:04 PM |
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The list is incomplete. Many more countries in Europe, Africa, and even the US are close to bankruptcy.
Moreover, Argentina, Belize, Greece, and Cyprus are not only close to bankruptcy, they are bankrupt already, because they could not repay their bonds in full. Of course it is unlikely that any country will ever officially admit that it is bankrupt.
ya.ya.yo!
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negafen
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September 03, 2014, 05:59:21 PM |
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The list is incomplete. Many more countries in Europe, Africa, and even the US are close to bankruptcy.
Moreover, Argentina, Belize, Greece, and Cyprus are not only close to bankruptcy, they are bankrupt already, because they could not repay their bonds in full. Of course it is unlikely that any country will ever officially admit that it is bankrupt.
ya.ya.yo!
In rules of court, the company is only bankrupt if they declared it or being sued for it in the event that they are not able to repay the debt. If those countries can continue to borrow, they can keep delaying the inevitable by kicking the can down the road.
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giveBTCpls
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September 03, 2014, 06:22:18 PM |
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I wonder how the transition from a country that is about to collapse due not being able to EVER pay fiat debt, get BTC as the official coin? how would this transition happen effectively?
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johny08
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September 04, 2014, 01:45:58 AM |
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I wonder how the transition from a country that is about to collapse due not being able to EVER pay fiat debt, get BTC as the official coin? how would this transition happen effectively?
what about germany in the 2WW, France before the Revolution without FIAT money? USA prevented bancruptsy in the 80es by going into FIAT. BTC a new Goldstandard? Not possible, so new concepts have to come up. Is your question: Can a goverment prevent bancruptsy by issuing cryptos instead? I guess, they could do that, besides fiber glass and digital wallets are still more expensive infrastracture as minting and printing. So no.
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wasserman99
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September 04, 2014, 06:11:51 AM |
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The list is incomplete. Many more countries in Europe, Africa, and even the US are close to bankruptcy.
Moreover, Argentina, Belize, Greece, and Cyprus are not only close to bankruptcy, they are bankrupt already, because they could not repay their bonds in full. Of course it is unlikely that any country will ever officially admit that it is bankrupt.
ya.ya.yo!
In rules of court, the company is only bankrupt if they declared it or being sued for it in the event that they are not able to repay the debt. If those countries can continue to borrow, they can keep delaying the inevitable by kicking the can down the road. This is true for companies however countries are not companies. Countries have special sovereign protection and generally cannot be sued unless they agree. Since most local currencies are not stable creditors often want loans to be denominated in terms of dollars or euros (or another major currency). In the event a country cannot pay they would not be able to "print their way" out of debt. If a country cannot pay their debt they can simply not pay it, however this would make it difficult for the country to do business in the global economy and be able to borrow in the future.
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