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All,
You should check out Jim Willie's column over at the financialsense website.
The link is:
http://www.financialsense.com/fsu/editorials/willie/2008/0918.html
Jim Willie is making the valid point that the appearance of several of the U.S. Treasury Note price charts is not unlike what you see before a country goes into default.
That really would be "game over" for the United States.
With all credibility gone, the government will probably quickly use up what little gold bullion it has left to pay for whatever they think is still essential (for a while). After that, shortages of many things would/should start to appear..(my interpretation)...
For U.S. Citizens, it could seem like Armageddon...
I'm pretty sure something really evil would happen to the dollar at that point, and it may not be usable to buy anything sourced outside the U.S. (like OIL, for instance! We only import, like, 65% of it! What happens if we can't buy it!?!... Guess!)
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