US Default will cause “Massive disruption the world over.” says IMF Chief - Polidicks

[QUOTE=Pvt. Martin;42506655]As selfish as this question is going to sound like, I have to ask. What is going to happen to [b]me[/b] during this? Will it be harder for me to get into college, or get a job? Is this going to last long, could I leave the country? Is it going to be that horrible as alot of people are obviously trying to say? Or are we worried because we've never defaulted before?[/QUOTE] We all gonna die, obviously.

[QUOTE=Pvt. Martin;42506655]As selfish as this question is going to sound like, I have to ask. What is going to happen to [b]me[/b] during this? Will it be harder for me to get into college, or get a job? Is this going to last long, could I leave the country? [b]Is it going to be that horrible as alot of people are obviously trying to say? Or are we worried because we've never defaulted before?[/b][/QUOTE] Almost three years ago, the Examiner wrote an excellent article explaining what would happen if we defaulted. [url]http://www.examiner.com/article/what-happens-if-the-united-states-defaults-on-its-debts[/url] [quote]"What happens next?" The best answer is that no one knows for sure. Everyone agrees the results would not be positive. No country the size of the United States has every gone into default on its debt. The financial markets lost a ton of value when Greece was perceived as being in danger of default in 2010. Greece has a GDP of $329.9 billion. The United States has a GDP of $14.12 trillion. Many believed the global economy would have collapsed had Greece gone into default. One can only imagine what would happen if the United States defaulted on its debt. Having said that, there are some signs of what can be anticipated, based on the Greece example. Markets prefer to anticipate rather than react to events. The markets did not wait for Greece to default; instead, the world financial markets started freaking out before the anticipated worst-case scenario. In the same way, financial markets likely will start experiencing serious problems in the month before the U.S. government defaults, if the debt ceiling is not raised. Right now the debt ceiling is set at $14.294 trillion dollars. The current federal debt is $13.886 trillion and rising by about $4 billion each day. That gives Congress about 100 days to raise the debt ceiling, which means the world financial markets should start getting nervous by late March if nothing is done. The debt is not just numbers; it is real money that has been lent with real expectations of returned payment. The debt is owed to multi-national banks, foreign countries, and the public itself through treasuries. If an individual defaults on a loan, the debt does not disappear. Instead, the bank takes the loss. If the United States goes into default, much of the world will suddenly face the prospect of losing about $14 trillion dollars. The results likely will be catastrophic. Many of the world's largest banks, which are still hardly on solid footing after the 2008 financial crisis, would go bankrupt due to their exposure to the United States. Credit for simple things like houses and car loans may become unavailable as a result. Most large companies use short-term credit to make their payrolls. That credit would disappear, and as a result, many workers would have to start going without a paycheck. There is a very real possibility that people would go to their local bank or ATM and not be able to withdraw cash from their account. Hyperinflation could very likely ensue as the United States dollar becomes basically worthless. The "full faith and credit" of the United States is the only thing holding up the value of the dollar, so when that credit is gone, it is hard to imagine the dollar's surviving with it. In response to the crisis, businesses would once more lay off workers, only worsening matters and creating a downward economic cycle, which results in a depression. The stock market would plummet as well, negatively affecting the 401(k) accounts of millions of Americans. The price of oil would skyrocket, and with it likely the price of gasoline. Ironically, the only people to benefit may be the firms which invested in the kind of credit default swaps that caused the 2008 financial disaster.[/quote] It had a startlingly-accurate prediction: [quote]It is this kind of scenario which led White House adviser Austan Goolsbee to declare the mere talk of default "insanity." As Goolsbee put it, the United States is not in real danger of default. While in the long-term, the federal debt certainly does pose a problem, currently the United States can still easily meet its debt obligations. [b]If the United States goes into default, it will not be because of the economics, but because of the politics behind the issue. The consequences of that political game could have dramatic effects on the United States' economy in the years to come.[/b][/quote]

[QUOTE=Awesomecaek;42506929]We all gonna die, obviously.[/QUOTE] "During the second great depression we had to make our Iphones last a decade"

im crying. we are gonna be poor. oh fuck oh fuck

[QUOTE=LunchboxOfDoom;42506956]Almost three years ago, the Examiner wrote an excellent article explaining what would happen if we defaulted. [url]http://www.examiner.com/article/what-happens-if-the-united-states-defaults-on-its-debts[/url] It had a startlingly-accurate prediction:[/QUOTE] That was the most unsettling thing I've read in a long time.

[QUOTE=Emperor Scorpious II;42506980]That was the most unsettling thing I've read in a long time.[/QUOTE] I saved a link to it when it was first published because of how well it explained the situation and the consequences. It really gives you a great perspective on not only how badly things will suck for us, but at least an imaginative one of how badly things will suck for the rest of the world as well (sorry about that, guys; you shouldn't have to go down with this ship-- we should). If a default happens, it will be one of those special catastrophes that comes along every now and again in human history that's talked about by people for centuries thereafter. [editline]13 October 2013[/editline] Maybe we need this to happen. Maybe we'll learn something from it. I don't know anymore.

[QUOTE=Mingebox;42506522]This is starting to look like a better idea: [media]http://www.youtube.com/watch?v=TRgRz3nSG7o[/media][/QUOTE] Pretty scary how most of the time the Onion isn't far off from the truth

we won't default. congress has nothing to gain and everything to lose from a default. however, holding off on debt ceiling negotiations until the last minute gives our "representatives" a ton of leverage in political negotiation.

The end of America and the dollar was planned by the western oligarchy decades ago. The only thing that will come from all of this is global chaos. Out of the ashes a new global government will emerge & more importantly a new global currency. I advice everyone to secure any of their current wealth in gold and food. A new world & era for humanity is taking shape right before us.

[QUOTE=Tengil;42507432]The end of America and the dollar was planned by the western oligarchy decades ago. The only thing that will come from all of this is global chaos. Out of the ashes a new global government will emerge & more importantly a new global currency. I advice everyone to secure any of their current wealth in gold and food. A new world & era for humanity is taking shape right before us.[/QUOTE] That makes absolutely no sense. What exactly is this new "global government"? What new currency will it behold? How will that global government and currency by managed and regulated? And what gold? If everyone had gold, we wouldn't be defaulting in the first place now would we?

[QUOTE=Pvt. Martin;42507453]That makes absolutely no sense. What exactly is this new "global government"? What new currency will it behold? How will that global government and currency by managed and regulated? And what gold? If everyone had gold, we wouldn't be defaulting in the first place now would we?[/QUOTE] who cares about gold anyways i can't eat gold, it's worthless during to me

[QUOTE=Tengil;42507432]The end of America and the dollar was planned by the western oligarchy decades ago. The only thing that will come from all of this is global chaos. Out of the ashes a new global government will emerge & more importantly a new global currency. I advice everyone to secure any of their current wealth in gold and food. A new world & era for humanity is taking shape right before us.[/QUOTE] Don't forget to mention how the NWO would totally exterminate anywhere from 80-90% of the worlds population because after you've taken control of something you typically start smashing it up.

There's absolutely no reason to default. If we were to default, we would have to learn to live within our means. Why destroy out last shreds of dignity and default when we can make the choice to live within our means now.

[QUOTE=cqbcat;42507511]There's absolutely no reason to default. If we were to default, we would have to learn to live within our means. Why destroy out last shreds of dignity and default when we can make the choice to live within our means now.[/QUOTE] Because those debts are gonna have to be paid, and no one will accept imaginary money.

[QUOTE=Radley;42507541]Because those debts are gonna have to be paid, and no one will accept imaginary money.[/QUOTE] The value of money is abstract. The value of most bills is not backed up by anything more than trust. National debts have been growing higher and higher with no real way of it all ever being paid, still the economy keeps functioning and wealth circulates and doesnt circulate as normal, simply due to trust.

[QUOTE=Falchion;42507693]The value of money is abstract. The value of most bills is not backed up by anything more than trust. National debts have been growing higher and higher with no real way of it all ever being paid, still the economy keeps functioning and wealth circulates and doesnt circulate as normal, simply due to trust.[/QUOTE] But what happens when said trust starts to waver?

[QUOTE=Radley;42507744]But what happens when said trust starts to waver?[/QUOTE] Trust problems with a few banks led to the last global recession, now imagine trust problems with a country, where its currency is almost a gold standard to the world turns into worthless paper. Almost all internationally traded commodities are based on it, including Oil. [URL]http://en.wikipedia.org/wiki/List_of_traded_commodities[/URL]

My grandfather has been diluted into thinking the republicans are acting out of some sort of valiance by forcing the default and shutdown. He hopes, but doubts, that they will be able to pull it off. I am sure that crazy radical democrats are saying the exact same thing, but with a negative connotation. He says that they are "making a stand" and "forcing people to wake up" by holding basically the entire world hostage by economic disaster. I don't understand his thought process. In his mind they are somehow trying to benefit the american people by doing this.

[QUOTE=LunchboxOfDoom;42506956]Almost three years ago, the Examiner wrote an excellent article explaining what would happen if we defaulted. [url]http://www.examiner.com/article/what-happens-if-the-united-states-defaults-on-its-debts[/url] It had a startlingly-accurate prediction:[/QUOTE] [quote]Ironically, the only people to benefit may be the firms which invested in the kind of credit default swaps that caused the 2008 financial disaster.[/quote] Um.

how long will the US be able to pay interest on their loans after the ceiling isn't raised?

So basically because the US government can't run a fucking country the entire world's economy gets fucked over? Whoop-tee-fucking-doo. [editline]13th October 2013[/editline] if the default goes,that is.

welp its official money is pretty much worthless

[QUOTE=Tengil;42507432]The end of America and the dollar was planned by the western oligarchy decades ago. The only thing that will come from all of this is global chaos. Out of the ashes a new global government will emerge & more importantly a new global currency. I advice everyone to secure any of their current wealth in gold and food. A new world & era for humanity is taking shape right before us.[/QUOTE] Keep on fighting the good fight friend, telling nerds on a video game forum the horrors of your last drunken nightmare

[QUOTE=Tengil;42507432]The end of America and the dollar was planned by the western oligarchy decades ago. The only thing that will come from all of this is global chaos. Out of the ashes a new global government will emerge & more importantly a new global currency. I advice everyone to secure any of their current wealth in gold and food. A new world & era for humanity is taking shape right before us.[/QUOTE] you know Tengil, you might be anti-Semitic, paranoid, insane and demonstrably wrong in almost every way possible, but i find it genuinely endearing that no matter how bad things will get in the coming years, you and everyone like you will still think that it's because of the NWO.

Uh, God-Emperor, you can reveal yourself now. Thanks.

Those IMF libtards don't know anything. We have to stop Obongocare from destroying our country, guys, even if it means crashing the world economy!

[QUOTE=duno;42506103]Well at least it will change the current system drastically.[/QUOTE] In a way you're right; the economic apocalypse will change everything drastically.

[QUOTE=ForgottenKane;42510369]In a way you're right; the economic apocalypse will change everything drastically.[/QUOTE] really, people want change, but change only happens when something drastically affects the status quo, a default of the US economy althrough horrible for a shitload of people, might actually be good for the US/and maybe even the planet in the long run.

[QUOTE=Wizards Court;42510511]really, people want change, but change only happens when something drastically affects the status quo, a default of the US economy althrough horrible for a shitload of people, might actually be good for the US/and maybe even the planet in the long run.[/QUOTE] How does a possible second Dark Ages sound like a good thing for anybody? Fourteen trillion dollars disappearing will quite literally destroy the entire world's economy, almost irreparably for god knows how many years.

[QUOTE=Wizards Court;42510511]really, people want change, but change only happens when something drastically affects the status quo, a default of the US economy althrough horrible for a shitload of people, might actually be good for the US/and maybe even the planet in the long run.[/QUOTE] It [i]won't[/i] be good.