spooky3 Posted December 11, 2011 Share Posted December 11, 2011 How was it paid for? Haircuts. Banks and institutions took a write down on Greek sovereign debt. The first write downs of many across Europe. Wait and watch. Who did, specifically? Link to comment Share on other sites More sharing options...
Tardis Posted December 11, 2011 Author Share Posted December 11, 2011 We need to look at it from the perspective of a newly born child. Why should he be born into vast debts? What wrong has he committed? Go bust and be damned! It will turn out for the best in the end. Link to comment Share on other sites More sharing options...
spooky3 Posted December 11, 2011 Share Posted December 11, 2011 We need to look at it from the perspective of a newly born child. Why should he be born into vast debts? What wrong has he committed? Go bust and be damned! It will turn out for the best in the end. Does everybody give up all assets as well as their money in your scheme...? Link to comment Share on other sites More sharing options...
Tardis Posted December 11, 2011 Author Share Posted December 11, 2011 Does everybody give up all assets as well as their money in your scheme...? To be totally honest, I have little idea what would happen if the UK went bust. Part of my motivation in starting this thread was to find out just what would happen in such an eventuality. I would assume that everyone would lose their savings, but is this not why many people have invested in gold? Are they not guarding against such an eventuality? I wonder if anyone really knows the full implications. Link to comment Share on other sites More sharing options...
I1L2T3 Posted December 11, 2011 Share Posted December 11, 2011 Who did, specifically? Various banks and insitutions have agreed to write off 50% of the Greek sovereign debt they were holding. It's easy to verify. Look it up if you don't believe. Link to comment Share on other sites More sharing options...
spooky3 Posted December 11, 2011 Share Posted December 11, 2011 Various banks and insitutions have agreed to write off 50% of the Greek sovereign debt they were holding. It's easy to verify. Look it up if you don't believe. I do, just thought you'd know, knowing how you about others facts... Link to comment Share on other sites More sharing options...
I1L2T3 Posted December 11, 2011 Share Posted December 11, 2011 To be totally honest, I have little idea what would happen if the UK went bust. Part of my motivation in starting this thread was to find out just what would happen in such an eventuality. I would assume that everyone would lose their savings, but is this not why many people have invested in gold? Are they not guarding against such an eventuality? I wonder if anyone really knows the full implications. It depends how it is done. If it is done in a managed way the effects would be pretty serious - pensions, savings, investments of individual investors, banks all suffer. In an unmanaged default all the things I just mention could possibly go pop, almost overnight. True meltdown. There's absoluitely no point pretending all the debt can ever be paid back. Managed defaults are the way. And perhaps managed failure of some of the most toxic badly-managed banks too. Link to comment Share on other sites More sharing options...
andyofborg Posted December 11, 2011 Share Posted December 11, 2011 Managed defaults are the way. And perhaps managed failure of some of the most toxic badly-managed banks too. indeed if all the excessive debt is moved into one or two banks then as long as they have no real accounts they can be allowed to fail with pretty much no problems Link to comment Share on other sites More sharing options...
Penistone999 Posted December 11, 2011 Share Posted December 11, 2011 England should just go bankrupt and have their debts written off, then start again. People who work would still get paid anyhow. It would only be rich people who suffer which sounds good to me. Sounds good to me ...............Transfer all the UK`s assets into someone elses name, pay the £500 notes bankruptcy charge ,wait a few week` s.... then bobs your uncle , debt free . Lovely . Leave a couple of months ,then start spending your hidden money again. Perfect. Thats how i did it . Link to comment Share on other sites More sharing options...
Grandad.Malky Posted December 11, 2011 Share Posted December 11, 2011 After going bankrupt you cant get credit and when you can eventually get credit nobody will touch you with a barge-poll ………… sounds like a great idea. Link to comment Share on other sites More sharing options...
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