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pahunkboy -> The Coming European Debt Wars (4/9/2010 1:29:23 PM)
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EU Countries sinking into Depression
Excerpt;
There is no point in devaluing, unless “to excess” – that is, by enough to actually change trade and production patterns. That is why Franklin Roosevelt devalued the US dollar by 75% against gold in 1933, raising its official price from $20 to $35 an ounce. And to avoid raising the U.S. debt burden proportionally, he annulled the “gold clause” indexing payment of bank loans to the price of gold. This is where the political fight will occur today – over the payment of debt in currencies that are devalued. Another byproduct of the Great Depression in the United States and Canada was to free mortgage debtors from personal liability, making it possible to recover from bankruptcy. Foreclosing banks can take possession of collateral real estate, but do not have any further claim on the mortgagees. This practice – grounded in common law – shows how North America has freed itself from the legacy of feudal-style creditor power and the debtors’ prisons that made earlier European debt laws so harsh. The question is, who will bear the loss? /snip
http://www.globalresearch.ca/index.php?context=viewArticle&code=HUD20100409&articleId=18545
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I am posting this to see what your thoughts are if the USA will redo as it did- OR will the USA become more like EU?
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