the depression begins?

[Mortblanc]

If default ment the end of a nation then half the world map would be a blank slate.

Countries, just like corperations, defalt, reorganize and continue operation. Default is simply another economic tool to manipulate the world stage.

Independent nations can change the value of their currency daily, just like they can change the value of precious metals inside their borders at will. That is why the term "sovereign" is used to discribe them.

The U.S. has a history of manipulaying not only its currency bit also the value of precious metals within its borders as well as systematic defaults as needed.

There is little difference between default and borrowing so much money no one can call in their debt because their own economy is built on the primary nation's debt.

Do not forget that China is not the greatest investor in real capitol in the U.S. Great Britian holds that title. The result of "default" on GB would not be a "domino effect", comming at some point down the road. We are "down the road" now it would be immidiate and substantial.

The result of this discussion being ?????

How long would the resulting depression/recession last, one year, 2 years? I have friends here in the states that have been unemployed for 3-4 years at this point. These were not laborers or layabouts, they were professionals; engineers, computer anaylists, IT specialists, professors. They are no longer even included in the unemployment count!

They were true middle class people, now living on welfare and free food programs.

What we should really fear, in any nation on earth, is the war that will result from the present attempt to artifically redistribute the world's wealth. We have not experienced a "real war" with mass casulties, full government control of production and labor, rationing and conscription for nearly 70 years.

If there is a shortage of rescource, and technology can not alleviate the shortage, then only one of two things can result. Massive plague must reduce the population or massive warfare must reduce the population.

The random selection of sickness can be controlled with vacciantion of the elite. War casulties can be selectively controlled through proper planning without the obvious favoritism of the vaccination process.