sovereign debt impact luge: japan has unexpectedly 'run out of savings'

[Maitrejo]

http://www.youtube.com/watch?v=WDwb348zrcM

[Arraya]

The whole freaking world is bankrupt. 

[stercrazy]

That's the plan.

[Domscott66]

Nope...only countries and the middle and lower class...the money had to go somewhere...hum...wonder where it all went.

[Diogenes]

That's kind of the elephant in the f*&ing room, if most countries are bankrupt, who do they owe the money to?

[james_r]

good question, Diogenes... Assuming the "money" ever existed in the first place   Am I the only one getting tired of the concept of "money" altogether?  I understand the history and purpose of money ... But at what point do we all say "screw it" and think of something better?

[cz]

That's kind of the elephant in the f*&ing room, if most countries are bankrupt, who do they owe the money to?

Antarctica   ... soon to be land of TPTB bunkers/estates, after global climate change makes it the only livable place left on earth.

[w]

That's kind of the elephant in the f*&ing room, if most countries are bankrupt, who do they owe the money to?

Interest.
I wonder if anyone has done some math and has the number of Earth/Global external debt which would be left if all countries try to pay back what they owe? All can't pay it, because interest based debt is like a game with 7 chairs and 10 people who have to sit when music stops.

[picasso moon]

So the trick is to keep the music going, and when the musicians' hands fall off, to pretend that there's music in the air, at which point everyone will hear the music that's not there.

[Diogenes]

The elephant in the room that I can't find an answer for, it just goes round and round. For example, we now hear Japan is broke, but  owns over a trillion in US Treasury notes? How is this possible? Or how is it that situation can exist like the UK owing Germany 30 billion, while Spain owes the UK 30 billion, and Germany owes Spain 30 billion? As it's all fiat money with interest it can never all be paid back, and any that is paid requires someone else has to suffer. Just for the hell of it I'm going to call one of the business shows on BNN and ask them the name of the elephant, if they even let me pass the screeners...............

[jtmo3]

That's why in the near future, most countries are going to have to get together and agree on a devaluation of their currency simultaneously. There's really not much else that can be done.

[w]

So the trick is to keep the music going, and when the musicians' hands fall off, to pretend that there's music in the air, at which point everyone will hear the music that's not there.

Damn, that reminded me now a movie, Titanic - ship was sinking and a bank band was still playing.

[sidewalkchalked]

Or how is it that situation can exist like the UK owing Germany 30 billion, while Spain owes the UK 30 billion, and Germany owes Spain 30 billion? As it's all fiat money with interest it can never all be paid back, and any that is paid requires someone else has to suffer.

That is why Christianity, Judaism, and Islam call for jubilee every seven years.  All debts are forgiven, and it actually keeps the economy much healthier and equitable.  Of course in Islam usury is also forbidden.

[TravelsHopefully]

That's kind of the elephant in the f*&ing room, if most countries are bankrupt, who do they owe the money to?

Private sector institutions such as pension funds, investment trusts, insurance companies, mutual funds, sovereign wealth funds, banks & the IMF.
Nationalize the debt, privatize the profit *ka-ching*

[signalfire]

Huh.  I thought Jubilee was every 50 years and 7 years was something about Itching and Marilyn Monroe?