D
dextrous
You know how just about every country on the planet is in debt? Can anyone enlighten me as to whom they are in debt to? There must be some big rich bloke somewhere who's got a lot of IOU's on his mantlepiece.
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In debt to common sense.
D
dextrous
What would happen if we said we're not paying you back. Bit like iceland saying this to us
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China, Russia, Saudi Arabia And Japan. But mostly China, who it is estimated have about 2.5 trillion dollars in foreign exchange reserves. I would very much like to have that sum parked under my floorboards. What was that comment by Gore Vidal? "The 21st century will see the US become the yellow man's burden." That would go for the rest of us (Europe) too, I suppose?
Careful, Dex, we might lose our triple A rating.
H
holmslaw
Found this ages ago on another forum -
It is August. In a small town on the south coast of France the holiday season is in full swing, but it is raining so there is not too much business happening.
Everyone is heavily in debt.
Luckily, a rich Russian tourist arrives in the foyer of the small local hotel. He asks for a room and puts a 100 note on the reception counter, takes a key and goes to inspect the room located up the stairs on the third floor.
The hotel owner takes the banknote in a hurry and rushes to his meat supplier to whom he owes 100.
The butcher takes the money and races to his supplier to pay his 100 debt.
The wholesaler rushes to the farmer to pay 100 for pigs he purchased some time ago.
The farmer triumphantly gives the 100 note to a local prostitute who gave him her services on credit.
The prostitute goes quickly to the hotel, as she was owing the hotel for her hourly room use to entertain clients, and puts the 100 on the reception desk.
At that moment, the rich Russian is coming down to reception. He informs the hotel owner that the proposed room is unsatisfactory. He picks up the prostitutes 100 note and departs.
There was no profit or income. But everyone no longer has any debt and the small townspeople look optimistically towards their future.
It is August. In a small town on the south coast of France the holiday season is in full swing, but it is raining so there is not too much business happening.
Everyone is heavily in debt.
Luckily, a rich Russian tourist arrives in the foyer of the small local hotel. He asks for a room and puts a 100 note on the reception counter, takes a key and goes to inspect the room located up the stairs on the third floor.
The hotel owner takes the banknote in a hurry and rushes to his meat supplier to whom he owes 100.
The butcher takes the money and races to his supplier to pay his 100 debt.
The wholesaler rushes to the farmer to pay 100 for pigs he purchased some time ago.
The farmer triumphantly gives the 100 note to a local prostitute who gave him her services on credit.
The prostitute goes quickly to the hotel, as she was owing the hotel for her hourly room use to entertain clients, and puts the 100 on the reception desk.
At that moment, the rich Russian is coming down to reception. He informs the hotel owner that the proposed room is unsatisfactory. He picks up the prostitutes 100 note and departs.
There was no profit or income. But everyone no longer has any debt and the small townspeople look optimistically towards their future.
There in debt to rich banks who run deception schemes that the governments of developing countries made legal many years ago.
http://www.youtube.com/watch?v=vVkFb26u9g8
The Hotel owner still doesn't get paid, as the prostitutes payment is taken by the rich russian.
The town has the same amount of debt as before.
H
holmslaw
Yea, I wondered about that and I'm sure you're correct.
But surely all the other debts have been paid off, so the only loser is the hotel owner as the prostitute still owes him 100 for him to make a profit.
I was wrong in stating the hotel owner did not get paid....
None of them were actually in debt, as they all owed 100 notes, and were all owed 100 notes.
The rich russians 100 note was merely used as a vehicle to cancel all the credits/debits.
They could have all got together, and agreed to cancel all the debts.
J
joinerjohn
It all started during the Stone Age.......
Ugg said to Ogg,,, " I've just solved all our problems ". "Really " said Ogg,,, " Yep " say's Ugg ,,,, " I've invented money" !!!!!!!!
Ugg said to Ogg,,, " I've just solved all our problems ". "Really " said Ogg,,, " Yep " say's Ugg ,,,, " I've invented money" !!!!!!!!
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The whole capitalist system is doomed to collapse. We in the West consume - that's about all we do. China and Japan produce goods that we buy. We don't have any money so they lend us their money to buy their products which we consume. Then we can't pay it back so we borrow even more. Then we realise that we can't keep borrowing and spending so we stop buying. When we stop buying then China stops selling and goes bust. We're doomed Captain Mainwaring.
when we talk global money whether in electronic form or paper there is literally trillions and trillions of the stuff, so much i'm sure its not all accounted for, so whats stopping some unscrupulous souls from inventing some more after all a few million here and there wouldnt notice and eventually there is more money than backing, is that how we've got into the state we're in€
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