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Bankers fear debt catastrophe; Global finance leaders warn US debt default would be utterly catastrophic
Topic Started: 14 Oct 2013, 10:08 AM (1,569 Views)
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Bankers fear debt catastrophe

October 14, 2013
Glenda Kwek

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Global finance leaders have warned a US debt default would be "utterly catastrophic", as some analysts flagged a new era of US political dysfunction that could expose the world's largest economy to increased instability.

Just days before the Thursday deadline to lift the US government's $US16.7 trillion debt ceiling, some of the world's top bankers said a default on debt obligations would be too terrible to contemplate and would have dire consequences on the global economy.

"World leaders are saying, 'Get on with it and get this resolved. It's not just about you'," JBWere executive director Mike Kendall said.

"This isn't the time to be tap dancing to the mid-term elections in the US. This affects everyone."

Federal Treasurer Joe Hockey said on the sidelines of World Bank and International Monetary Fund meetings in Washington at the weekend that he was confident of a political resolution, although markets were "in for a continuing volatile period".

Financial markets rallied across the board on Friday as US politicians signalled a willingness to push back the debt ceiling deadline as a debate over the budget continued. But talks between the White House and House Republicans broke down as the US entered a long weekend, raising the prospects of another week of market volatility.

"There isn't life beyond default," Deutsche Bank chief executive Anshu Jain cautioned during a finance conference in Washington DC.

''This would be a very rapidly spreading, fatal disease … you're now talking about the underpinnings of finance,'' Mr Jain said, describing a default as ''utterly catastrophic''.

JPMorgan chief executive Jamie Dimon said banks had already spent ''huge amounts'' of money preparing for a default that could damage the post-financial crisis economic recovery.

Read more: http://www.smh.com.au/business/bankers-fear-debt-catastrophe-20131013-2vgo0.html
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Black Panther
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If they default for Geo Political reasons, it will be a massive miscalculation that the Anglo-sphere wont recover from.

It will mark the historic event from which its Decline was irreversible.
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themoops
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Black Panther
14 Oct 2013, 10:32 AM
If they default for Geo Political reasons, it will be a massive miscalculation that the Anglo-sphere wont recover from.

It will mark the historic event from which its Decline was irreversible.
It will be a transmutation, as you say, except the kings will be people who do real work instead of parasitic scum like you.

It would be fantastic and is exactly what the world needs.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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Black Panther
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themoops
14 Oct 2013, 11:01 AM
It will be a transmutation, as you say, except the kings will be people who do real work instead of parasitic scum like you.

It would be fantastic and is exactly what the world needs.
Your Idiocy is Magnificent.
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mel
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the US will not default. Why would they choose to default if they ultimately don't have to?
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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themoops
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14 Oct 2013, 11:12 AM
Your Idiocy is Magnificent.
It's true which is why you, and most of this dead shit world wants more spending.

Not only do you want to steal the young's houses, you want to steal their governmental financial well being(and not even give them something worth while like the good NBN). :lol

Your idiocy is biblical in nature! :lol

How the fuck low can you go? :lol

You're a rabid dog and you simply should be shot. :lol
mel
14 Oct 2013, 11:21 AM
the US will not default. Why would they choose to default if they ultimately don't have to?
Because getting into more debt when you already have disgusting levels of debt is seriously gay.
Edited by themoops, 14 Oct 2013, 11:39 AM.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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mel
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oh, you guys :oo:

there will be no talk of smallgoods today please... it's just not worth it :lol
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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herbie
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mel
14 Oct 2013, 11:21 AM
the US will not default. Why would they choose to default if they ultimately don't have to?
I don't think it makes any sense for them to default.
They've been able to live beyond their means on debt for years and the plan has to be to keep doing it for as long as possible No?
Worse comes to worse they'll just have to progressively live a bit less beyond their means.
But a default would be stupidity - It would require them to get their financial house in order and live within their means wouldn't it? And if so, I surely, surely, surely can't see them wanting that.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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mel
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themoops
14 Oct 2013, 11:38 AM
Because getting into more debt when you already have disgusting levels of debt is seriously gay.
it's just an observation and not what i think 'should' happen, but im happy to bet any member with over 1000 posts $100 this current fiasco won't lead to official declaration of default any time soon... nice cans in the lounge last night btw :lol
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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themoops
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Weak losers want their credit card. Waaaaahhh.

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I've simply got to have more than everyone and be more successful without doing real work. Waahhhh.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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