Comments on: Greece Has Defaulted – Which Country In Europe Is Next?

By: Grecja 2012

Grecja 2012 — Sat, 05 May 2012 05:56:02 +0000

I do not think that Greece ever went bankrupt.

By: TtT Engine

TtT Engine — Thu, 15 Mar 2012 03:31:09 +0000

Hello Justamom, You are just doing fine. I’m sure like most moms and dads in America you have a family budget which is based on the income your family brings in your household today, not phony projections on tomorrow. Like most households, you have family olbligations in place that are absolute necessities. Above and beyond the absolute necessities, then you add other discretionary items IF and ONLY IF, you can afford them. That is the way a sane, conservative household runs. Federal Governments, like the U.S. are run by progressive liberal psychopaths, that are experts on spending other people’s money [the taxpayers]. When the taxpayers are broke, what you do is print money out of thin air and borrow more and more money that you do not have and continue spending. When we cut our budgets, we make real household cuts, like this year our family not joining the town swimming pool for $345 [conservative decision]. The federal government if they make any cuts at all, cut from the increases in spending. Instead of eliminating useless government agencies like the Dept of Energy [$15 billion per year]or the funding Planned Parenthood or funding for the arts, the Dept of Non-Education, etc. they cut from the growth of that Dept., if they even cut at all. The federal Government takes in $2 trillion per year and is spending $4 trillion per year of money that is ours/ the taxpayers. We owe $15 trillion on current obligations and $117 trillion on phony promises in the future that there is no money for. This is the prescription for Bankruptcy, which the U.S. Federal Government has determined for us. We have one last chance to change course in November. Christi Fidelis

By: Dave Shelter

Dave Shelter — Mon, 12 Mar 2012 17:21:49 +0000

Want to be the well off person in the future? Learn to mill your own corn and wheat into cornmeal and flour, I have a feeling the local blacksmith will be back in business as the economic system in this county fails and that 2 lbs of flour you just made is worth $5,000 US Dollars. http://www.shelter101.com/why-is-china-buying-wheat-oil-copper-and-steel.html

By: Snoopy_The_Economist

Snoopy_The_Economist — Mon, 12 Mar 2012 16:07:11 +0000

What’s a few billion dollars when they can and will print trillions? It won’t collapse under that small pressure.

By: Kathy Smith

Kathy Smith — Mon, 12 Mar 2012 14:42:43 +0000

Thanks 4 the site info. Lots of interesting reading.

By: justamom

justamom — Mon, 12 Mar 2012 13:15:21 +0000

Dear Michael,
This is another excellent article. Thank you! You genuinely have a gift–the ability to write simply and clearly about complicated financial situations. That said, I must confess that I am struggling to grasp what is happening here. Admittedly, I am not an economist; I am just a mom, and this challenging. Just consider the vocabulary words: credit event, derivatives, securities, hedge funds, credit default swaps, debt restructuring, retro-active collective action clauses. Not only do I NOT fully understand the meaning of these words, I cannot fathom the global impact of conditions set up by these words. Yikes!

Please don’t misunderstand, YOU are doing a great job to help me. While I am not the sharpest tool in the shed, I did go to college, and I did take ONE economics course so I must be on par with the average American. If I am having this much trouble, perhaps I am not alone.

I do get the bottom line: Greece has defaulted. Other Euro nations are in trouble. USA is not far behind. Beyond that, I simply cannot explain much beyond that.

Have you thought about launching an online economics course? Sign me up…

By: Laurus

Laurus — Mon, 12 Mar 2012 04:57:01 +0000

My thoughts and prayers are w/you. I fear we will all feel your pain soon, my friend.

By: mondobeyondo

mondobeyondo — Sun, 11 Mar 2012 22:06:22 +0000

Stay strong and God Bless!

By: mondobeyondo

mondobeyondo — Sun, 11 Mar 2012 22:02:22 +0000

Unfortunately, many will not be awake until their electricity, water and gas are shut off. Stuck in their ice-cold homes, with nothing to eat or drink and no American Idol to watch.

Then they will wake up.

By: sharonsj

sharonsj — Sun, 11 Mar 2012 20:55:02 +0000

You forgot to add in the $7 trillion our Fed gave to the European banks. The Fed doesn’t actually have the money and so gave the banks “credit” based on the full faith and credit of the U.S. government–even though our government says the credit was never approved. Guess who’s gonna pay the price–the U.S. citizen.