Seriously - what would happen if the USA went bankrupt?

[Taverner]

Say we couldn't pay our bills, no one will loan us money and we have to forclose this country?

[ddeclue]

1. I don't understand....

why did you say "IF"??

[stray cat]

10. But China is still lending us money - what if they turn off the faucet

[Fire Walk With Me]

47. They could march in and permanently "protect" the regions they've invested in.

[BuyingThyme]

2. This.

[maxsolomon]

3. the global economy would stop

you could make an argument that this is not entirely a bad thing.

see: http://www.adbusters.org/

[Taverner]

4. The only other precedent we have is the USSR

It went bankrupt - that's what killed it in the end

I used to like Adbusters, but they are so anti-Capitalist that its hard to read their magazine with a straight face.

Don't get me wrong - Capitalism sucks. I'm a Critical Capitalist. Like FDR.

[ddeclue]

5. Or England or France or Belgium or pick a European imperial power...

They ALL quit their empires because they were too expensive to maintain.

[Taverner]

19. But they quit before they went under

[NNN0LHI]

6. Same thing that happened to the USSR

Only real difference is that we lack the natural resources (oil) Russia had to get themselves out of it.

Don

[AZ Criminal JD]

17. We have far more natural resources than Russia

Please educate yourself.

[Taverner]

22. Yes - I was going to say

Actually we're about 50/50 on resources (at least that's what we learned when they drove us into fear about Ivan under our bed at night)

[harun]

23. It is Russia. Since you are so educated how about you post a link

that says it is the U.S. You won't because everyone knows it is Russia.

[AZ Criminal JD]

45. Natural resources include far more than oil

They include coal, copper, lead, molybdenum, phosphates, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, natural gas, and timber. So no, I am not going to do your education and post 40 different links showing the reserves of these resources for both countries. You must have an agenda so go for it.

[Greyhound]

30. Don't forget the green-mail.

They held up De Beers for $2B in "loans" so the old Soviet Union would continue to hold their diamonds and keep them off the market.

We could do the same thing, but we won't.

[valerief]

7. You know those pics of starving people in Africa scratching the dry earth? nt

[torbird]

8. Are you high?

[EmeraldCityGrl]

9. We would have to become much more dependent

on our local communities to support us economically. Local foods, artisians, craftspersons, would be in demand.
There would be a barter system for goods and services.

If you prefer a simpler life it could be a very interesting time.

[Gwendolyn]

18. Like the Amish have been doing since forever!

Not that fond of the beard style, or the religious aspect, but the rest is looking kind of appealing if worse comes to worst.

[TexasLawyer]

11. We'll be Argentina in 2000

bartering, trying to sell possessions amassed during the good years, massive unemployment, middle class wiped out.

There are lots of articles and documentaries out there on Argentina during this time.

[TACstrat]

12. Read "Grapes of Wrath" ...

Some of us will band together to help each other for the greater common good.
Others will band together for their own selfish cause.
Crime will increase, but don't expect anyone other than your closest friends to help you out.

[sarcasmo]

13. Picture Madmax, but a whole lot more violent.

[TACstrat]

14. Yeah, but will the music be as good?

[sarcasmo]

15. Depends on what you have in your collection.

[Javaman]

24. That's why we have ipods now. ;) lol

[yodoobo]

49. I don't want to wear shoulder wings

Cause in every bleak future movie, the men wear black wing like things on their shoulders.

[leftofthedial]

16. what do you mean "if"?

[gatorboy]

20. Start learning Chinese. They have half a billion folks I'm sure they'd have no trouble dropping off.

Just as soon as they request U.S. land for debts not paid.

[2speak]

21. Emotional are we?

I think we would piss off many creditors and would be risking a war. As to the home situation, we could go to digital money and all previous currency would be defunct. Wouldn't be too hard to do other than the war possibility and everyone that had money before going ape shit. Other than that it would be easy.

[Javaman]

25. Imagine the USA as road kill, then imagine all the other nations as the vultures. nt

[Taverner]

26. Can you be more specific?

I'm getting "DOOM! DOOM! SKY IS FALLING!!!" but no specifics

Will we be like Spain after England defeated it - where we will have to sell off Puerto Rico to Venezuela, Alaska back to Russia and Hawaii to China?

Or are we going to be like Argentina, where the middle class is just *poof* gone? And the rich run off to Uruguay for some tax free living without reciprocity?

Will we be like France, Belgium and England where we just cut our losses (Iraq, Afghanistan, all of our bases on foreign soil) and go back to just selling and buying things?

(personally, I like what's in door #3...)

[Javaman]

27. Well this is just my view and not really based on reality because

as close as we are to true bankruptcy we are still held together via impulse power by nations still willing to buy our t-bonds.

but what is happening, even though European and Asian nations are also having their share of troubles, those nations are starting to buy up US assets. Land, companies, etc at wholesale prices.

We won't be invaded via the traditional means aka angry hoards sacking cities, no, we will be invaded by happy business men and corps buying up our holdings.

A sacking by any other name still is sacking.

Pick a civilization that has failed and I will show you that an economic collapse is what caused it.

[Taverner]

32. Are you thinking something akin to the Saudi buyout of London in the 80's?

[Javaman]

40. more along the lines of a buyout of the state of, say, Rhode Island. nt

[Taverner]

41. Who would buy it and what would they do to it?

I envision a different scenario.

Russia is just stockpiling cash. We aren't. When we run out, and our creditors want payback, Russia might step in to help its old friend and enemy Uncle Sam, buy taking that large unconnected mass of ice back off their hands, Alaska. They used to own it, and they could make Sitka the Provincial Capitol again.

[Javaman]

44. what would they do with it?

water rights, farm land, production base, shipping ports, etc.

anyone that studies history understands that we are only protected by the image we create, if as a nation that image falters or evaporates, the door is flung open to foreign invaders.

It's much cheaper to invade a land economically than it is militarily.

It may seem to still be Rhode Island on paper and also on paper it appears to still belong to the US, but in the end, it will technically be Russian property.

When enough land it taken over in this manner, then a formal declaration of it being Russian property will be made, until then, it's better to let its inhabitants believe they are still US citizens so as not to cause problems.

everything is always under a sheet of gauze.

Nothing ever appears as it seems.

[SammyWinstonJack]

33. I'll take what's behind door #3 also.

[bean fidhleir]

28. Nothing special would happen. Why would it?

Nothing *physical* would change, and everything else is just marks on pieces of paper...these days not even that, just slightly different electrical charges in bits of silicon.



If more of us began to figure out what money, as opposed to "money", is, there'd be a lot of bankers, politicians, plutocrats, and other parasites running for their lives.

[gopbuster]

29. We would go to a more global currency or something like the Amero....

Just a guess and would hate to see that happen. Would rather see a nationalized currency without the influence of the Federal Reserve. THE worst thing that ever happened to this country and a huge source for the financial mess we are in now.

[Waiting For Everyman]

31. Just a guess...

The people holding our paper would be real mad at us. But they'd be busy going bankrupt too.

[tuckessee]

34. We won't go bankrupt.

The military & police will be out in the streets and in your living rooms confiscating assets for the good of the state.

[NashVegas]

35. You're Not The First To Ask That

http://en.wikipedia.org/wiki/Americathon

[kentuck]

36. You are looking at it...

No credit.

[UK populist]

37. The worst and easiest thing that could happen is

that your people worst fears are manipulated in a way that a Fascist regime would take over like Hitler did. You might think this is ridiculous but it is a lot easier for it to happens than the other option which would be out and out revolution. As an earlier post correctly stated about Argentina it was the middle class and the poor who were most adversely affected by the Hyper-inflation collapse. The rich who also lost a lot still had plenty of money and power to be able to ride out the bad times and then take advantage when things got better. The very highest of the elite classes of Europe and the US have known this is coming and you can bet your right arm that they will be in a very good position to pull the reigns very hard when this hits rick bottom. They already have control of the information airwaves and they will have them do their bidding (Fox news X 20). Any attempt at the other option of revolution will be put down very hard any covered up by the complicit media.

[gopbuster]

42. I'm pretty sure people are waking up to this....

and, unfortunately, this has been their goal for a long time.

Global consolidation of power.

It used to be a conspiracy theory, but not so much any more.

[earth mom]

43. Exactly. And the stage is set to turn the U.S. into the North American Union-a NEW country

that the powers that be can TOTALLY control without that old raggedy ass piece of paper, The United States Constitution.

:yoiks:

[anigbrowl]

46. Yeah, that's what the folks at WorldNutDaily think as well

IT never ceases to maze me that the liberal apocalypse is the same as the conservative apocalypse.

[greguganus]

38. We can just print more money. n/t

[Taverner]

39. A look to Zimbabwe is a good reason why we won't do that

Inflation is so bad, it takes Billions of Zimdollars just to buy an apple.

[yodoobo]

48. Define Bankrupt

IF you are talking about a legal procedure such as that we individuals do to discharge debt. It doesn't exist for a country. There is no world bankruptcy court.

If you are talking about the concept of owing more than you have. We are there right now. Just turn on the news to see what is happening at this moment.

If you are talking about stopping paying our bills. Well its up to the other countries. Once again there is no world financial court to order a foreclosure. A foreclosure on the country would essentially be an invasion by a pissed off country that wants our stuff and our territory. Basically WW III