The world's economic system would shut completely down. The value of the nation's monetary system would be worth the paper it's printed on. It's a scary thought; but any world-wide economic panic could completely break the system. Consumer economy is wasteful and destructive. Manufacturers are purposely designing products and materials to break down sooner; so they can stay relevant and price competitive with their competition. Consumers are buying things they want, instead of getting things they truly need. As much as I support "free enterprise"; looking at the entire picture like this is fucking scary!
Why? The financial scare of the "Bear Sterns" era almost bankrupt this company. And that wasn't even close to everyone cashing in. The huge "sell-off" in the stock and housing market gave us a sample of the utter seriousness of an economic collapse. People are scared of zombies or natural supplies? How the fuck will people act when their US$ 10,000,000 savings is worth $20 worldwide dollars? I see a ton of riots and police action.
I don't think there are enough people who lost $10M to make a difference against 100M people who don't give a ****.
I'm just kidding man! Honestly, if the world economy collapses, then that would be bad. I don't have control over the world economy though. I voted in the person I think will bring the most stability, and that's all I can do other than invent the next tablet computer.
And if every debt holder did this, they'd be screwing themselves over. So, it's not so scary. People are greedy by nature, and debt holders are (likely) smart enough to know they'd not even be fucking the world economy over, they'd be fucking themselves over. So this doesn't scare me. It's like saying the US has enough nuclear power to blow up the world. Well, great. But we'd be screwing ourselves over as well.
It happened during the Great Depression. And it's not the government; it's individuals and businesses holding the debt. The Federal Reserve isn't even a government entity.
Yes the country seems fine. But the senario still exists. Even today; countries throughout the world are becoming "Bear Sterns". How much of this "Bankrupcy" can the world's economy withstand? Eventually the dikes will break and the flood of economic distaster will pour in.
Yes, I know it's not the Feds (I don't think I said it was the Feds). But today's world is a different place man. I have no doubts the debt holders DO NOT have the balls to cash in. That cash would quickly mean little, and they'd be sucked into the chaos and depression quickly. Not to mention, you'd have a whole shit-ton of people who would hunt down each individual who caused such significant damage to the economy.
No? How so? If every debt is collected; there isn't enough world wealth in the entire world to pay it back. You disagree with this? You actually think the world's economy can support all the debt on this planet? Remember I'm not just talking about the USA. I am talking about the entire planet.
It's not something that could ever realistically occur. Nearly 100% of all debts in the world have a designated due date, and only a tiny fraction are due tomorrow. Also, the majority of debts are current on payment and terms, leaving the lender no avenue to claim immediate payment. Also, the majority of debt is currently financed at absurdly high terms compared to the terms available today, so any wise lender will be happy to continue as they have as long as the paym,ents keep coming in.
The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can. Now what are you going to do? Foreclose on them?...Now wait...now listen...now listen to me. I beg of you not to do this thing. If Potter gets hold of this Building and Loan there'll never be another decent house built in this town. He's already got charge of the bank. He's got the bus line. He's got the department stores. And now he's after us. Why? Well, it's very simple. Because we're cutting in on his business, that's why. And because he wants to keep you living in his slums and paying the kind of rent he decides. Joe, you lived in one of his houses, didn't you? Well, have you forgotten? Have you forgotten what he charged you for that broken-down shack? Here, Ed. You know, you remember last year when things weren't going so well, and you couldn't make your payments. You didn't lose your house, did you? Do you think Potter would have let you keep it? Can't you understand what's happening here? Don't you see what's happening? Potter isn't selling. Potter's buying! And why? Because we're panicky and he's not. That's why. He's picking up some bargains. Now, we can get through this thing all right. We've got to stick together, though. We've got to have faith in each other.
I don't see the point here. Yes, if every debt holder cashed in, it would cause a crisis. So would a giant asteroid strike, or a worldwide plague, or President Justin Bieber. Any of those things *could* happen, shall we worry about them? I say no (unless we are in the business of worrying about them, e.g. working for CDC). barfo
Everything other than Justin Beiber are beyond our control. Debt has a choice. There are people that have a choice to live in debt and others that have a choice to be free from it. So your rebuttle is invalid. Unless of course we debat Justin Bieber being president.
