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I don't know , but that sounds a lot like the decmocratic process and not revolution. In america we have done all of those thiogs over the years, with the one a

by dkhenry 14y ago

I don't know , but that sounds a lot like the decmocratic process and not revolution. In america we have done all of those thiogs over the years, with the one aside that we have always managed to pay our debts, and we haven't mothballed the _entire_ constitution all in one go.

adaml_623 14y ago
You've always managed to pay your debts? You didn't even try to check that with Google that did you? http://www.marketoracle.co.uk/Article29270.html http://www.marketoracle.co.uk/Article29270.html
- youngerdryas 14y ago
  The continental congress, the civil war, the Great Depression and this The Momentary Default of 1979 The Treasury of the United States accidentally defaulted on a small number of bills during the 1979 debt-limit crisis. Due to administrative confusion, $120 million in bills coming due on April 26, May 3, and May 10 were not paid according to the stated terms. The Treasury eventually paid the face value of the bills, but nevertheless a class-action lawsuit, Claire G. Barton v. United States, was filed in the Federal court of the Central District of California over whether the treasury should pay additional interest for the delay. The government decided to avoid any further publicity by giving the jilted investors what they wanted rather than ride the high horse of sovereign immunity. An economic study of the affair concluded that the net result was a tiny permanent increase in the interest rates of T-bills. We seem to be selling a lot of treasuries at low return.
- dkhenry 14y ago
  But take a look at each of those cases. In every one it was _citizens_ who didn't get paid back. Each time they did it so that they could pay back the foreign investors.
saalweachter 14y ago
Worth noting that my understanding is that the Icelandic government never insured these deposits into Icelandic banks by foreign entities. In the case of Great Britain, the British government decided to retroactively insure these deposits by British entities on behalf of the Icelandic banks. The issue at hand was whether the Icelandic government should retroactively insure the banks as well, and pay the British government off. The Icelandic government initially voted to do so, but the people said "hell, no!" in a referendum. So in my opinion, the Icelanders didn't fail to pay a debt; they refused to incur one because the entire world has started feeling entitled to zero-risk bank deposits. Which is quite sensible: Iceland is a tiny country, 319,000 people, and Great Britain is quite large, 62 million people. Spreading billions of dollars of loss over Iceland's population is thousands or tens of thousands of dollars per capita. Spreading the same loss over Great Britain's population is tens or hundreds of dollars per capita. Iceland just can't afford to be insuring global banks, which is why the didn't and aren't.
nextparadigms 14y ago
I think it's a revolution in the broader sense - radically changing the status quo. Considering the extremely few if any at all prosecutions of bankers all over the world, I'd say this is a revolution/radical change from status quo, along with them refusing to pay for the bailouts.

by dkhenry 14y ago

adaml_623 14y ago

You've always managed to pay your debts? You didn't even try to check that with Google that did you? http://www.marketoracle.co.uk/Article29270.html http://www.marketoracle.co.uk/Article29270.html

youngerdryas 14y ago
The continental congress, the civil war, the Great Depression and this The Momentary Default of 1979 The Treasury of the United States accidentally defaulted on a small number of bills during the 1979 debt-limit crisis. Due to administrative confusion, $120 million in bills coming due on April 26, May 3, and May 10 were not paid according to the stated terms. The Treasury eventually paid the face value of the bills, but nevertheless a class-action lawsuit, Claire G. Barton v. United States, was filed in the Federal court of the Central District of California over whether the treasury should pay additional interest for the delay. The government decided to avoid any further publicity by giving the jilted investors what they wanted rather than ride the high horse of sovereign immunity. An economic study of the affair concluded that the net result was a tiny permanent increase in the interest rates of T-bills. We seem to be selling a lot of treasuries at low return.
dkhenry 14y ago
But take a look at each of those cases. In every one it was _citizens_ who didn't get paid back. Each time they did it so that they could pay back the foreign investors.

saalweachter 14y ago

Worth noting that my understanding is that the Icelandic government never insured these deposits into Icelandic banks by foreign entities. In the case of Great Britain, the British government decided to retroactively insure these deposits by British entities on behalf of the Icelandic banks. The issue at hand was whether the Icelandic government should retroactively insure the banks as well, and pay the British government off. The Icelandic government initially voted to do so, but the people said "hell, no!" in a referendum. So in my opinion, the Icelanders didn't fail to pay a debt; they refused to incur one because the entire world has started feeling entitled to zero-risk bank deposits. Which is quite sensible: Iceland is a tiny country, 319,000 people, and Great Britain is quite large, 62 million people. Spreading billions of dollars of loss over Iceland's population is thousands or tens of thousands of dollars per capita. Spreading the same loss over Great Britain's population is tens or hundreds of dollars per capita. Iceland just can't afford to be insuring global banks, which is why the didn't and aren't.

nextparadigms 14y ago

I think it's a revolution in the broader sense - radically changing the status quo. Considering the extremely few if any at all prosecutions of bankers all over the world, I'd say this is a revolution/radical change from status quo, along with them refusing to pay for the bailouts.