http://ukmortgagez.wordpress.com Just another WordPress.com weblog Wed, 08 Aug 2007 21:23:52 +0000 http://wordpress.com/ hourly 1 http://ukmortgagez.wordpress.com/2007/08/07/property-market-drepression-on-the-way/#comment-352 Leonardo Wed, 08 Aug 2007 21:23:52 +0000 http://ukmortgagez.wordpress.com/2007/08/07/property-market-drepression-on-the-way/#comment-352 I wonder why you say the US government will default on its government bonds. What on earth would make them do this? If foreign holders don't renew their US bonds they can either hold as cash in bank the dollars they recieve for their bonds, or use the money to buy US goods or assets, neither of which is bad for the US. Besides, do you really think China can afford to stop accumulating dollars by refusing to sell their goods to US consumers? Won't this have a huge impact on their economy and bring on more civil unrest than they can deal with? Why do you think a default on US bonds will result in a pull back on military spending? The one thing has no connection to the other. Military production and spending is all generated internally and has no connection to the world economy, and in any event is less than 7% of the $14 trillion US economy. If anything, a default on the bonds held by foreigners would reduce the US debt and free the US to spend more on defense. However, we are now entering the theatre of the absurd. I wonder why you say the US government will default on its government bonds. What on earth would make them do this? If foreign holders don’t renew their US bonds they can either hold as cash in bank the dollars they recieve for their bonds, or use the money to buy US goods or assets, neither of which is bad for the US. Besides, do you really think China can afford to stop accumulating dollars by refusing to sell their goods to US consumers? Won’t this have a huge impact on their economy and bring on more civil unrest than they can deal with?
Why do you think a default on US bonds will result in a pull back on military spending? The one thing has no connection to the other. Military production and spending is all generated internally and has no connection to the world economy, and in any event is less than 7% of the $14 trillion US economy. If anything, a default on the bonds held by foreigners would reduce the US debt and free the US to spend more on defense. However, we are now entering the theatre of the absurd.

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