There is no alternate global financial credit system, when the US goes it all goes. All the countries have the same system within the same global system, it's based on expanding credit at an exponential growth, unfortunately humans can't expand exponentially long-term.
Greek debt crisis spreads to Spain as credit rating is cut
The Greek debt crisis appears to be spreading.
Standard & Poor's cut Spain's credit rating one level to AA and maintained its negative outlook. The move came just one day after the rating agency dropped Greece by three levels to junk status and pulled also-troubled Portugal down two notches.
Credit-rating agencies loom large in Europe crisis
Yet less than two years after the crisis peaked, investors still take them seriously. Case in point: S&P on Tuesday cut Greece sovereign debt to 'junk' status and dropped Portugal's down two notches. That downgrade sent financial markets from London to Hong Kong plunging.
From Peter Schiff, ok, sure buddy.
US Stock Market
Unlike the "legitimate bull markets" of many foreign markets, Peter Schiff believes the US is merely experiencing a "rally in a bear market," and is lagging the rest of the world "for a reason." Sep 25, 2009 The Business Insider
When the US goes down the whole system goes down, end of story. Anyone that decouples before that date will find themselves at the bottom of an ocean.
May 26, 2009
The World Does Not Need Our Consumption
The world doesn't need our consumption, we need their production. The global economy is fine without propping up the U.S. economy.
Sure, that is why Europe is falling into the ocean. More great entertainment. You think Greece is bad you wait to see what the rest of the European countries are like, they are actually in worse shape.
PS: Well, ultimately, a lot of the currencies that are currently pegged to the U.S. dollar will be very strong, a lot of the Asian currencies. We already see a lot of the resource currencies starting to move back. We have seen rather substantial strength in the Australian and the New Zealand dollars in the past few weeks. I do think you're going to see strength also in the Euro, as the Euro seems to be a good alternative to the dollar as far as a reserve-type currency. And the Europeans' monetary policy is not nearly as bad as ours, so more of that type money will be attracted to the Euro and will probably benefit other Euro-zone type currencies - Scandinavian currencies, the Swiss Franc - those currencies will benefit, as well.
Ok, sure buddy. Thanks for the entertainment.