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Priceless
Guest
How will the coming default effect you?
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dxmnkd316
Lucia Apologist
Re: The impending government default
I have a fixed loan. I'm THIS close to getting a position at 3M. I have months of emergency fund set up. And I'm not so sure that even if we do default, the world doesn't suffer with us.
Just wish the two parties weren't playing financial chicken with the world's financial markets.
I have a fixed loan. I'm THIS close to getting a position at 3M. I have months of emergency fund set up. And I'm not so sure that even if we do default, the world doesn't suffer with us.
Just wish the two parties weren't playing financial chicken with the world's financial markets.
DaveStPaul
New member
Re: The impending government default
"I'm filthy rich and going to jump on my jet and head overseas until this blows over"
How about: We just came back from overseas, and now we're wondering what we got ourselves into?
"I'm filthy rich and going to jump on my jet and head overseas until this blows over"
How about: We just came back from overseas, and now we're wondering what we got ourselves into?
P
Priceless
Guest
Re: The impending government default
The good news for you is that you went from Hong Kong to home, and never really left China
"I'm filthy rich and going to jump on my jet and head overseas until this blows over"
How about: We just came back from overseas, and now we're wondering what we got ourselves into?
The good news for you is that you went from Hong Kong to home, and never really left China
leswp1
New member
Re: The impending government default
I work in Medicine. About a million ways this can screw us up. Medicare/aid, gubmint insurance folks. No reimbursement when we see people (The reimbursement rate won't be that different than before it is so awful)
This was so well played I wonder if you rehearsed it.The good news for you is that you went from Hong Kong to home, and never really left China
I work in Medicine. About a million ways this can screw us up. Medicare/aid, gubmint insurance folks. No reimbursement when we see people (The reimbursement rate won't be that different than before it is so awful
)Re: The impending government default
Les, we don't know yet which bills the government will choose to pay. Defaulting doesn't mean they'll stop paying everything - they still take in revenue. I think "not paying federal employees" is a very safe bet, sadly.
The value of the dollar is going to plummet if we default, and that will drive the cost of everything up.
Les, we don't know yet which bills the government will choose to pay. Defaulting doesn't mean they'll stop paying everything - they still take in revenue. I think "not paying federal employees" is a very safe bet, sadly.
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Priceless
Guest
Re: The impending government default
Every scenario I've seen that has the treasury picking the bondholders and SSI recipients as the "winners" and several other groups battling to also be a winner. In none of the scenarios are public workers (including the military) "winners." But picking winners and losers may not be politically palatable so one scenario has the government paying bills as they come due as they can with cash on hand. So if the government owes you money, submit the bill early...
Also, if you work for a company (say, Boeing) and they aren't going to get paid by the feds, they just might decide to lay off workers (or give lengthy unpaid vacations).
The value of the dollar is going to plummet if we default, and that will drive the cost of everything up.
Les, we don't know yet which bills the government will choose to pay. Defaulting doesn't mean they'll stop paying everything - they still take in revenue. I think "not paying federal employees" is a very safe bet, sadly.
Every scenario I've seen that has the treasury picking the bondholders and SSI recipients as the "winners" and several other groups battling to also be a winner. In none of the scenarios are public workers (including the military) "winners." But picking winners and losers may not be politically palatable so one scenario has the government paying bills as they come due as they can with cash on hand. So if the government owes you money, submit the bill early...
Also, if you work for a company (say, Boeing) and they aren't going to get paid by the feds, they just might decide to lay off workers (or give lengthy unpaid vacations).
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P
Priceless
Guest
Re: The impending government default
I should tell my insurance company that I want to be paid in gold instead of dollars
I should tell my insurance company that I want to be paid in gold instead of dollars
Re: The impending government default
Be reasonable. Ask for Canadian dollars (they'll be worth more than ours soon enough).I should tell my insurance company that I want to be paid in gold instead of dollars
P
Priceless
Guest
Re: The impending government default
I would, but aren't pretty much all paper currencies going to tank? When our economy crashes, most of the developed world will follow.
Be reasonable. Ask for Canadian dollars (they'll be worth more than ours soon enough).
I would, but aren't pretty much all paper currencies going to tank? When our economy crashes, most of the developed world will follow.
Re: The impending government default
Didn't CAD pass up USD back during the last quantitative easing inflation-fest?
Be reasonable. Ask for Canadian dollars (they'll be worth more than ours soon enough).
Didn't CAD pass up USD back during the last quantitative easing inflation-fest?
Re: The impending government default
Yes, it did. Prior to QE1 it was around 0.84USD to every 1.00CD. Now it's more roughly 1.04USD to every 1.00CD
Yes, it did. Prior to QE1 it was around 0.84USD to every 1.00CD. Now it's more roughly 1.04USD to every 1.00CD
Patman
Rodent of Unusual Size
Re: The impending government default
Which is funny considering Canada has been down our road... guess how they improved their lot.
Be reasonable. Ask for Canadian dollars (they'll be worth more than ours soon enough).
Which is funny considering Canada has been down our road... guess how they improved their lot.
Re: The impending government default
No. In the short-to-intermediate term, investors who were buying T-Bills will be trying to find safety elsewhere (read: other currencies and gold). Canada is relatively stable compared to the US, so they will likely be a destination for currency traders. Unfortunately, the Canadian currency market isn't large enough to accommodate all the US debt traders, so they'll be buying others as well (like the Australian dollar).
leswp1
New member
Re: The impending government default
So when we go to the Grand Caymans we should just exchange everything
Re: The impending government default
Ask the poker sites how that went.
So when we go to the Grand Caymans we should just exchange everything
Ask the poker sites how that went.
DaveStPaul
New member
Re: The impending government default
We're a team. Hated rivals behind the scenes, great chums in public. I wish I could say I'm the Dean Martin, but I'm probably the Jerry Lewis.
If that's true then how come the fried rice is so poor?
It's pretty interesting to watch China see if they can let people get rich while keeping everybody in line. So far it's been a successful gamble. And they've got so much money, they can afford to try really big projects, because if it doesn't work it may not a huge problem.
There was a thread on here last year about the "giant, empty ghost towns of China" or something like that. (Over the last seven years or so China built some massive cities, complete with high-rise apartments, townhouses, malls, schools, etc. The country hasn't developed far enough yet to fill those, and so lots of these cities are rotting all alone in the countryside. When a TV show did a segment on them, it made for great TV: Vast empty streets, crumbling strip malls, etc. And the show said this showed an impending, massive real estate bubble in China, which could topple the whole world's markets, etc etc etc.)
Like I said, it made for great TV. But China knows they've got to put people somewhere, and so build some cities now and see if you can fill them. It turns out not, but so what? They're gambling that they can simply write those off.
Anyway, long way of saying, for the most part China knows exactly what it's doing. (That being said, there wasn't one local Hong Kong person I knew who would choose to move to the mainland. Not in a million years.) Too bad you can't convert your money to renminbi!
We're a team. Hated rivals behind the scenes, great chums in public. I wish I could say I'm the Dean Martin, but I'm probably the Jerry Lewis.
The good news for you is that you went from Hong Kong to home, and never really left China
If that's true then how come the fried rice is so poor?
It's pretty interesting to watch China see if they can let people get rich while keeping everybody in line. So far it's been a successful gamble. And they've got so much money, they can afford to try really big projects, because if it doesn't work it may not a huge problem.
There was a thread on here last year about the "giant, empty ghost towns of China" or something like that. (Over the last seven years or so China built some massive cities, complete with high-rise apartments, townhouses, malls, schools, etc. The country hasn't developed far enough yet to fill those, and so lots of these cities are rotting all alone in the countryside. When a TV show did a segment on them, it made for great TV: Vast empty streets, crumbling strip malls, etc. And the show said this showed an impending, massive real estate bubble in China, which could topple the whole world's markets, etc etc etc.)
Like I said, it made for great TV. But China knows they've got to put people somewhere, and so build some cities now and see if you can fill them. It turns out not, but so what? They're gambling that they can simply write those off.
Anyway, long way of saying, for the most part China knows exactly what it's doing. (That being said, there wasn't one local Hong Kong person I knew who would choose to move to the mainland. Not in a million years.) Too bad you can't convert your money to renminbi!
FlagDUDE08
Banned
Re: The impending government default
Serves the government right. Maybe they should pay their debts.
I blame Abraham Lincoln. He started this national debt.
Serves the government right. Maybe they should pay their debts.
I blame Abraham Lincoln. He started this national debt.