The US is broke. The UK is broke. The only solvent country in the European Union is Germany. I think Russia is solvent. Japan holds $5 trillion in reserves. China has the most reserves.
Basically the US is in such debt the international courts if they forced us to pay our debts would take generations to pay back and then you have the problem with $2 gazillion dollars of derivative debt. There are more paper claims than world gross national product. So in short world finance is one big ponzi scheme and unfixable.
We can either kill each other over the problem or we as a world can erase the debt and start over. A world currency would make sense but it would have to be commodity based and ran under elected representatives and not a private central bank like The Fed. I think a world banking board should run it and every country or region has a veto and that only applies to that country. As soon as a private cabal becomes in charge it will be abused. This has actually been suggested by several finance experts in Japan.
Basically the US is in such debt the international courts if they forced us to pay our debts would take generations to pay back and then you have the problem with $2 gazillion dollars of derivative debt. There are more paper claims than world gross national product. So in short world finance is one big ponzi scheme and unfixable.
We can either kill each other over the problem or we as a world can erase the debt and start over. A world currency would make sense but it would have to be commodity based and ran under elected representatives and not a private central bank like The Fed. I think a world banking board should run it and every country or region has a veto and that only applies to that country. As soon as a private cabal becomes in charge it will be abused. This has actually been suggested by several finance experts in Japan.
Comment