Friday, November 27, 2009

Dubai a look into our future...

From The Agonist:

Is Dubai a look into our future?

"...there is no one – absolutely no one – who can come to the United States’ rescue. And if you want to believe that the US would never, ever ask for a little extra time to pay back its debt, or ask for it to be restructured in some way, or debase its currency with inflation in order to throw its debt burden on to those who have financed it, that is your affair. Just remember there are millions of individuals, funds, corporations, and governments around the world who have bought US Treasuries. It only takes a few to wonder long and hard enough about just how safe and secure these Treasuries are to cause a stampede out of them, at which point the US is exposed like Dubai as a naked supplicant in the global market, begging for alms and a little forgiveness for past sins."

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