Thursday, Oct 23, 2008
Their nervous central bankers now want real assets rather than more paper.
ICH: Maybe U.S. Needs Yard (garage) Sale
October 22, 2008 "Toronto Sun"-- At the end of Second World War the British Empire still ruled nearly a quarter of the globe. But the war bankrupted Britain. Its once mighty empire quickly collapsed and the United States inherited much of the British Imperium.
Six decades later the United States is close to bankruptcy thanks to a national orgy of borrowing, the replacement of manufacturing by financial manipulation, ruinous foreign wars and a government whose stunning incompetence and arrant stupidity was exceeded only by its reckless imperial arrogance. Bankrupt people, companies and nations have to sell assets to meet their debt obligations. China and Japan alone hold over $1.5 trillion of U.S. (IOUs).
Their nervous central bankers now want real assets rather than more paper.
3 Comments
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1. alan said...
How about buying a US car manufacturer? Useful plant, labour. Intellectual property....
Price is cheap, people will always want vehicles won't they?
2. malct said...
alan, what, with British £s?
3. icarus said...
Incompetence? Stupidity? Yes, there's some of that among bankers and governments - but hey, who's got the money? Maybe some of them knew what they were doing.