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Has a nation's economy ever defaulted?
Im just asking because of the recent Greek economic crisis. I dont know how that works. Do a whole bunch of repomen take the country away to a garage somewhere. What would happen.
2 Answers
- 1 decade ago
Happened to the US in the seventies. Nixon backed out of the Bretton Woods agreement completely removing gold from any ties to the dollar and giving it no backing....which is kind of like the US defaulting on it owns currency and thus the base currency of the world. By 1976 all major world currencies were floating and this caused for exchange rates to no longer be the main factor in the creation of economic policy.
Basically, you can tie this and other events through the past century as being the causes for the US's massive debt.
Wish people would realize economic pit falls today are caused by the way things were setup before. What good is setting a goal for tomorrow if you don't how you got to today?
- Anonymous1 decade ago
That's a really funny picture - the repo men taking Greece away...auctioning off each of the Greek islands..I think EVERYONE should vacation in Greece this year...it's a lovely lovely place and they could use the tourism money - come on guys, let's help them out!
