Guys

Let us not let this thread degenerate into flaming or name calling, please let us stick to the issues at hand.

LOTR

Although the 1975 crises seems similar to the deadlock now freezing up the American system I would honestly say that what is happening now is far more serious.

You see, because all our western banks are intertwined, with various debt and loan swaps, cross ownerships and other monetary deals, an American default could have a devastating effect on all those ordinary people, like myself, who are pensioners, mortgage holders, small savers, etc. Billionaires and Millionaires can move their money, at the flick of a switch, to outside the affected areas, i.e. America and Europe.

The Australian economy is doing very well because your exports outweigh your imports and your banks, as far as I know, did not get involved in the madness (dodgy dealings) that swept Europe and American banks.

You never know, I may end up asking you to send me food parcels

Blackhorse 70 & Peerless

The Tea Party's lunacy is well known throughout the English speaking world and, like all loony organisations, they did not get their fame (well, infamy) by being reasonable.

I just want to say that democracy is about the ability to be reasonable and to compromise for the greater good, no country became or remained great by committing suicide.

You know, despite the currents problems America is still a great country that other countries look up to, it's a place that people run to not away from so don't let a bunch of loonies, backed by a corrupt right wing media, press the self-destruct button.


UK Bob