Billyonaire:

Obviously Absurd, the value of the dollars will not be largely affected except by speculation which will make dollars to temporary lose value. This shake down is largely on the macro economic level.

What will happen, which sometimes make me wonder if US politicians decide to default on purpose, is that, this is a legitimate means of decimating or outright wiping out of debts they owe other countries. Remember that Security and Bonds will automatically lose value and its like you had funds in America's treasury today and tomorrow, the fiscal dynamics renders your investments a total lost.

If America defaults, China and Japan will be the biggest losers, other countries will lose a lot too, and America will be free of much of the debts LEGITIMATELY, but also lose their fiscal ratings and credibility. The dilemma will raise another salient question: Where is safe for nations to invest their External Reserves, where is safe heaven for Sovereign wealth funds and again, which country should replace the dollar as a universal legal tender.

I agree... the shutdown and possible debt default, has a very annoying but incredible "domino effect" on a lot of investors, countries, stock market etc.

Shut up!!!!if u were born during the world war 1 and world war 2 era, what wud u v said

Kx: @ Frosbel, Obadiah 777 et al

What does the Books of Revelation, Daniel etc say about American's debt and its effect on the world ecomony in the Last Days Calender( what NL calls End Time Things!)?

Most of the creditor-nations are Asian countries. China, Japan, Hong Kong, Taiwan, Singapore, etc.

I pity them though

Don Magic Juan: This is what you get when you put an underachiever in the white house and elect to having only career politicians as leaders.

The American economy is a mess owing to years of mismanagement, wasteful spending and high level corruption.

The big corporations and banks in the U.S. with help of their media wings have been dictating to Americans who they should elect as their leader and their puppet. The narrow it down to two horse in whichever electorate outcome they still get to control the white house and America's local foreign affairs. You know them as the strong lobby groups of Washington.

It wasn't always so with America. On the contrary, Americans in the past used to select and elect the most successful, educated and enlightened individuals amongst them to represent them in the Senate. Men of industry such as Thomas Eddison, George Washington, FDR were all had successful careers before entering politics with the sole motive to improve society.

Then a gradual shift began just after WWII, were the U.S. Military emerged as the most powerful war machine industry and their Generals were celebrated in the press. Ike Eisenhower, a five star General and head of the entire allied war campaign was elected into power. Ike lived up to the billing and his tenure as President is co-incident with the most prosperous period in American history, The Baby Boomer Generation.

But technology has a way of changing and altering society and the advent of Television changed the electorate view on how a politician should be assessed, this gave rise to celebrity politicians who were able to dazzle and captivate millions of Americans in their homes. Looks took over brains. The first of which was JFK who later became to be known as a morally bankrupt individual. There is a common theory that if Americans were able to have seen FDR on a wheel chair on live television address them rather than the radio of it's time, they (American elect) won't have voted for him.

From JFK it got worse with Americans electing about 2 decades later a B-list actor and head of the American Actors Guild Reagan. The legacy of Reagan's administration has been viewed as one of the worst presidencies ever with heavy cuts to social spending and a huge increase in Military spending. Reaganomics is responsible for the war on drugs which has made American the unenviable classification as the country with the highest incarceration rate.

Obama is just another "actor" in the white house doing the bidding of his puppet masters

No one is here to blame anyone, no one is here to listen to tales of who was wrong. Read the thread title and stop being Nigerian about everything, cos Nigerians love complaining and blaming.

To be sincere though, there are no credible alternatives. Which other currency is okay? The world's economy is in a jumble right now.

Billyonaire:

Do not rejoice about this, people's lives are at stake. Nigeria has about $46 billion there and we also have some billions there on SWF in USA. So, why are you rejoicing. China is the world's factory, if manufacturing slows down, you will find it difficult to afford the Techno phone and that laptop, so you see why you should not rejoice ? America's death, is the worlds temporal burial, the only good news will be emergence of the next world power in waiting. The funny thing is that the next world Economic power is a "Developing" country and not a developed country.

oboi wen u mention tecno i neary slap u for air who tell u say tecno na chinese company getam by d way tecno users no shakin na south korea getam dancin skelewu wit my m3

Billyonaire:

Do not rejoice about this, people's lives are at stake. Nigeria has about $46 billion there and we also have some billions there on SWF in USA. So, why are you rejoicing. China is the world's factory, if manufacturing slows down, you will find it difficult to afford the Techno phone and that laptop, so you see why you should not rejoice ? America's death, is the worlds temporal burial, the only good news will be emergence of the next world power in waiting. The funny thing is that the next world Economic power is a "Developing" country and not a developed country.

bad beles wan make dem increase tecno prize esp bb users

emmanuel4758: oboi wen u mention tecno i neary slap u for air who tell u say tecno na chinese company getam by d way tecn

Stupid Id1iot, People like me do NOT know where that crap is made from. I am in a different league from illiterates like you. So the country that makes that stuuupppiiiddd phone does not have funds in US monetary system. U dey craze for yansh ? U wan slap your papa mate ?

Billyonaire:

Like You rightly stated, Chinese Yuan is no option because the Chinese Government can deliberately manipulate the value of their currency, the Euro is a no go area. I certainly suggest a Fiat Currency, but if we are to return to the era of money backed by gold deposits and not currency which has become one big ponzi scheme, then your guess is as good as mine. China has been hoarding Gold and stockpiling huge quantities of the precious metal in recent years, I think China saw this coming. The world needs a fiat currency sooner or later.

even late ghadafi has hs own reserve in gold bars.my opinion is for d world to go bk to d gold system.nd my problm wit my con3 is dat we dnt hav a mind of our own

Billyonaire:

The Global Economy is facing a dilemma. It is a good idea for Nigeria to commence gradual conversation of our SWF and External Reserve to other currencies, the US Default could wipe out securities. Moments like this one, I keep thinking that Democracy isnt the best form of Government in 21st Century, makes me adore Chinese Political System.

The BRIC Nations are doing just that.

America's economic woes began within the U.S. Housing Mortgage sector but can actually be traced to debt forgiveness of 3rd world countries spear.

American Mortgage Banks offloaded their debts on the global Market with European Banks scrambling for most of it. The Mortgage sector in America prior to the recession was highly lucrative and secure for investors.

With European banks having a shortfall of incoming cash from 3rd world countries, they opted to dump their U.S. Mortgage debts and requested their money back from the American banks - this led to the credit crunch since American banks now had less liquidity to loan out and as such could not lend out to businesses and personal financing. This led to the domino crash effect, since businesses and individuals were not able to secure loans, investments and spending dropped.

ikwere militant: even late ghadafi has hs own reserve in gold bars.my opinion is for d world to go bk to d gold system.nd my problm wit my con3 is dat we dnt hav a mind of our own

Ghadafi and Saddam were targeted and killed for attempting to replace the dollars as trading currency for Petroleum. That's a story for another day. The greatest threat to America's dollars is yet to come. Russia is experimenting with the BitCoin, but I do not see that working at the moment. The world needs to start thinking of a replacement of the dollar as a legal tender.

Billyonaire: Stupid Id1iot, People like me do NOT know where that crap is made from. I am in a different league from illiterates like you. So the country that makes that stuuupppiiiddd phone does not have funds in US monetary system. U dey craze for yansh ? U wan slap your papa mate ?

sowi i don no say u and my papa na mate das wy ur memory don devalue i gez u ar 92 now abi

Billyonaire: No one is here to blame anyone, no one is here to listen to tales of who was wrong. Read the thread title and stop being Nigerian about everything, cos Nigerians love complaining and blaming.

The system is to be blamed. And the system is being managed or as in this case mismanaged by policy makers. If you have a man made problem as in the case of the decline of the American economy which arose from wasteful government spending who should you blame, God?

Obama's solution to the recession was to spend his way out of a depression. That's like opting to borrow to pay your debts. His policy was heavily criticized and the current situation was predicted by those who opposed his handling of the recession.

Now stop being a Nigga and stop trying to dominate the debate.

You are not that smart either

Don Magic Juan:

The BRIC Nations are doing just that.

America's economic woes began within the U.S. Housing Mortgage sector but can actually be traced to debt forgiveness of 3rd world countries spear.

American Mortgage Banks offloaded their debts on the global Market with European Banks scrambling for most of it. The Mortgage sector in America prior to the recession was highly lucrative and secure for investors.

With European banks having a shortfall of incoming cash from 3rd world countries, they opted to dump their U.S. Mortgage debts and requested their money back from the American banks - this led to the credit crunch since American banks now had less liquidity to loan out and as such could not lend out to businesses and personal financing. This led to the domino crash effect, since businesses and individuals were not able to secure loans, investments and spending dropped.

That's insightful, great analogy there, but I also think that clandestine spending of the military and the NSA offset the balance and is a major culprit here, but IF America defaults tomorrow, US will have just $30b in cash, and will start rebuilding again but with less debts, since I am sure most countries will lose their Investments.

emmanuel4758: sowi i don no say u and my papa na mate das wy memory don devalue i gez u ar 92 now abi

Hahahaha, I don show you the immature part of me naw. Go and sin no more.

Dats y i always com here 4 indept analysis of world happenings. And why wont d US be in deep shit wen deir budget for d military even if slashed by 85 percent will stil remain d highest in d world.

U.S is another GREECE in the making! i know dey can neva pay dis debt.

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Don Magic Juan:

The system is to be blamed. And the system is being managed or as in this case mismanaged by policy makers. If you have a man made problem as in the case of the decline of the American economy which arose from wasteful government spending who should you blame, God?

Obama's solution to the recession was to spend his way out of a depression. That's like opting to borrow to pay your debts. His policy was heavily criticized and the current situation was predicted by those who opposed his handling of the recession.

Now stop being a Nigga and stop trying to dominate the debate.

You are not that smart either

I actually applauded the "Spending out of recession", believe me, there was no other way out of that quack-mire that could take the world economy that fast out of recession. Any other approach would have been a "crawling experiment". If America defaults, it will cripple the world economy, Countries will lose tons of billions and growth will be slowed. May be its time for America to start all over again. That's the painful and best way out, but if the world must keep growing, America's debt ceiling MUST be lifted and that will be a chance for the world to start De-Americanizing.

manny4life:

It affects me and thousands of Nigerians as well as many who travel to both U.S. and China for trade and commerce.

PARASITE ! Like China, you're unwilling to make sacrifices, to develop your own internal markets, as the US does. Parasites want ready made marts for INSTANT MONEY. But Yankees are no fools. Why are the Chinese complaining? Are they not a world power?
Nigerians better support President Jonathan's 'Bottom-Top' economic development model, instead of the dubious 'Top-Bottom' model that breeds the likes of Tinubu trillionAires.

abubaka101:
And where did u get that story? The population/birth control measures used is not dat wicked. Hear dis: since the govt controls a large percent of the economy, notwithstanding their economic practice, they hav a duty to provide basic amenities for all of China. Be it education, health etc... So if a person breaks the birthcontrol policy, the way I see it, the child and mother could be exempted from enjoying some of those benefits. Please correct me if am wrong.

hohho ho ho I laff in chingchong. not that wicked as you said. The fact is that China has always eyed the role of the US so it is not surprising that they inflate their economic growth figures and build gigantic structures that no body uses. google China's ghost cities.

CFCfan: ^^
On point! The Federal Reserve is mainly a private bank, even though the President nominates it's Chairman.

wat abt central bank of Nigeria?

Billyonaire: I actually applauded the "Spending out of depression", believe me, there was no other way out of that quack-mire that could take the world economy that fast out of recession. Any other approach would have been a "crawling experiment". If America defaults, it will cripple the world economy, Countries will lose tons of billions and growth will be slowed. May be its time for America to start all over again. That's the painful and best way out, but if the world must keep growing, America's debt ceiling MUST be lifted and that will be a chance for the world to start De-Americanizing.

But, it wasn't a "depression". It was a recession.

ckkris: PARASITE ! Like China, you're unwilling to make sacrifices, to develop your own internal markets, as the US does. Parasites want ready made marts for INSTANT MONEY. But Yankees are no fools. Why are the Chinese complaining? Are they not a world power?
Nigerians better support President Jonathan's 'Bottom-Top' economic development model, instead of the dubious 'Top-Bottom' model that breeds the likes of Tinubu trillionAires.

thanks bros

Billyonaire: Truth Remains that even if the Debt Ceiling is raised today, it means more borrowing by America, its means more debts accumulation, it therefore means that in the future, the climax will be reached and the bubble will affect the entire lenders to America. China and Japan will be affected, even Nigeria's Foreign Reserve and Sovereign Wealth Funds is in jeopardy.

America's debt, is America's burial in the near future, and means, Chinese Glory. By this time tomorrow, if there is no agreement reached by Republicans and OlBama to lift the debt ceiling, USA will be worth $30 billion dollars ONLY in cash.

The truth is that, it is no more safe to invest in America's Securities and Bonds, I say we run East, I say we run to China.

anti American just keep dreaming

Billyonaire: Hahahaha, I don show you the immature part of me naw. Go and sin no more.

for ur mindoooh u be mandela abi oya go bak to ur sick bed

The Financial problem Of the U.S began in 1971 when president Nixon removed gold as a standard for exchange. By that single act, he made the dollar a currency.The dollar can't be claasified as money,it is simply currency.The dollar possesses no real value.Even America knows it.Prior to 1971,gold backed the dollar but with the action of nixon,the dollar lost it's backing.The debt of America will continue to rise because they have refused to learn from history and nip the problem in the bud.Spending more than they earn has always been their problem.They have also involved themselves in many unprofitable ventures. Expensive wars have been fought and this has eaten very deep into their finances.Countries like China have observed the U.S carefully and have started the pile up of gold.Sooner or later the world will have no choice but to revert back to gold as the standard.The U.S is sure on the path to extinction financially and as a world power.I hope Nigeria learns.

Alexbond: U.S is another GREECE in the making! i know dey can neva pay dis debt.

Can never be Greece. Obama spent money to revive the Auto industry, among others. And they're employing, creating wealth, & amortising. Socialists spend on consumption to keep the masses quiet. Are you a learner?

abubaka101:
And where did u get that story? The population/birth control measures used is not dat wicked. Hear dis: since the govt controls a large percent of the economy, notwithstanding their economic practice, they hav a duty to provide basic amenities for all of China. Be it education, health etc... So if a person breaks the birthcontrol policy, the way I see it, the child and mother could be exempted from enjoying some of those benefits. Please correct me if am wrong.

truely u ar right dat is why d mother opt 4 abort[color=#000099][/color]

Billyonaire: May be its time for America to start all over again.

By doing what they had to do 6 years ago which was to cut down on Military Spending, reduce Military aid to certain countries like Saudi Arabia, Pakistan and Egypt, cut global aid programs to corrupt countries Such monies if not used to offset their debt should have been invested in improving (relatively low by western standards) Education and Healthcare.

Now this is the total opposite of what Obama did and he only placated the poor and middle class with ObamaCare which they don't want by they way. Obama bailed Banks and GM with these same Bankers and corporate executives laying off workers, downsizing and giving themselves huge bonuses annually since the recession under Obama.

The U.S. recession is being used by Corporate America to lay off workers and reduce wage bills and also get government handouts.
How daft is Obama?

rusia vs chinko who take control abi na anoda world war

Ola one:
But, it wasn't a "depression". It was a recession.

You are right, it was. Just these biotic ions overflowing my brain nerves.