WORLD IN CRISIS-ON THE EDGE OF A FISCAL CLIFF
- What is a bail in?
- What is a bail out?
Kirk Elliott PhD discusses what happened in Greece and Cyprus. Really, they are just examples of WHAT COULD HAPPEN ANYWHERE when a country runs out of money!
- When a government runs out of money they start to do crazy things. Austerity measures, seizing assets, one-off taxes in the name of a better good for everyone.
The only reason this kind of thing hasn’t happened in America is because the US Dollar is the World’s Reserve Currency meaning there is automatically built in demand.
IF the US Dollar loses that status–I should say WHEN it loses that status (no reserve currency has ever lasted forever), Americans could see the same symptomatic results as citizens of Greece did.
Watch this interview on Fixing the Money Thing for many more details.