RUSSIA DEFAULTS ON DEBT

AssHatZombie said:
there was still a gold standard on a national level until 1971.
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No. You could not own gold.
AssHatZombie said:
and on an individual level until sometime in the 30s or 40s.
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Right up until it was illegal to own gold.
AssHatZombie said:
The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard.
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Correct.
AssHatZombie said:
FDR Takes United States Off Gold Standard - HISTORYhttps://www.history.com ›
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He effectively did...by making it illegal to own gold, and confiscating the gold held by citizens.
AssHatZombie said:
france wanting to "cash" in their dollars in 1971 is what triggered the announcement.
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That's what killed the Breton Woods system, yes.
 
Has anyone given any thought at what this does to the financial institutions that Russia now cannot pay? Has anyone thought about what happens if the debt is high enuff and goes unpaid and the ripples this could cause throughout the worlds financial system? Be careful what you wish for. Punishing Russia could lead to WE THE PEOPLE getting punished as well.
 
Into the Night said:
The U.S. has not defaulted on any of its debts.
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yet but we are all but certain to given the path Biden has taken.

rising interest rates will force us to blow past what we are able to pay the debt service on, lenders wont lend us money to do it and printing money to do it makes us Zimbabwe.

China about to start defaulting, Russia too and we are right there.

Good thing we have a war to take everyone's eyes off that international shit storm !
 
evince said:
https://www.google.com/amp/s/amp.cnn.com/cnn/2022/03/17/economy/russia-default-explained/index.html


"A default is a disaster for Russia," said Timothy Ash, a senior sovereign strategist at BlueBay Asset Management.

The country's assault on Ukraine has left it with few friends in the international community, and a default would likely cut off access to foreign financing for years.



Russia's economy is already hemorrhaging. Since the war started, its currency has fallen to record lows, critical revenue is slowing as oil traders shun Russian crude, dozens of international corporations have suspended operations, and sanctions have frozen more than $300 billion in foreign currency reserves.

The pain of a default will be felt largely within Russia.

The International Monetary Fund's managing director, Kristalina Georgieva, said a financial crisis beyond Russian borders was unlikely to develop "for now," saying that the exposure of Western banks was "not systemically relevant."

For anyone having flashbacks of the 2010s European sovereign debt crisis, now is a good time to take a deep breath. Systemic risk appears to be low.
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I would say since the Russian invasion started because the Ukraine did not declare war with Russia.
 
Actually, tRump and repukes in the sewer conspired to cause the U.S. to default on its debts that is a Constitutional requirement at paying all debts without question, which would have created a global economic uproar that would result in a second great depression. Yet, there are still dumbasses still stuck up the ass of the repuke and tRump stupid!
 
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Into the Night said:
Fascism is govern manipulation of markets. It is a type of socialism.
I have not obscured anything.
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or it could do shit for the poor, justify itself based on "free market" rhetoric and still be fascism.

fascism is corporatism.

I may give you socialism for corporations.

banker bailout? please.

go shrug already and quit dumbing up the internet with your lies.
 
Into the Night said:
No. You could not own gold.

Right up until it was illegal to own gold.

Correct.

He effectively did...by making it illegal to own gold, and confiscating the gold held by citizens.

That's what killed the Breton Woods system, yes.
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It was on a national level. nations were to be able to redeem their dollars for gold.

and you could do it on personal level up until sometime in the thirties i think.
 
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