There is no reason to worry if Greece defaults on its debt. Did you worry when Iceland and Zimbabwe were collapsing recently? Did you know that countries throughout history have defaulted on their debt and nothing bad happened? Did you know that even states of the USA have defaulted on their debt and nothing bad happened?
When General Motors corporation defaulted on its debt to its bond holders recently did anything bad happen? When Lehman Bros collapsed and its obligations defaulted, did anything bad happen?
If you want to know why, watch this Youtube clip from an episode of Seinfeld.
You see my dear readers we are engaged in a show about nothing. Banks around the world create money that they don’t have via fractional reserve banking. And where do they get the fractional amounts upon which to leverage? They get it from their Central Banks who create money out of thin air.
When you default on debt you cause money to disappear that was never there in the first place. It’s a show about nothing. For more proof, what this:
Great comparison! Seinfeld achieved much success in much less than 37 years. Perhaps the banks should all be re-located to Hollywood. :) - Tim B.
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