The American Meltdown

[rockyracoon]

Should we be concerned about all the hullabaloo with the American economy at the moment. A chap on Sky News said if they default it'll be "cataclysmic for the global economy"

I'm not sure I understand much of it, does anyone?

[emmie]

yes, but they go through this periodically, i wouldn't worry, its time to worry when Obama gives the go ahead to another big mistake, like bombing Iran or Syria, then all hell could break loose.

[rockyracoon]

Don't know when this default is supposed to happen, if it ever does but on the news it said interest rates would probably go up around the world, just what we need at the moment.

[mrsmaveric]

they are the worlds largest economy so if they default and do not raise the debt level ceiling i think its their law that the cannot raise it above 16 trillion dollars [something like that]...yes the financial markets around the world would be in BIG trouble...