Portugal gets knocked down to junk status

[Scorpion]

http://finance.yahoo.com/news/fitch-cuts-portugal-rating-junk-131807441.html

[Waterstpub87]

Liberal Socialism at work.

[rkelly110]

Gee, I didn't see one thing about liberal socialism in that article.

Small countries will be downgraded from the beginning and will work it's way to the larger.
Paper money won't be worth toilet paper. Gold, silver and property will be the new currency.

This is what happens when wealth is created from thin air instead of a gold standard.

[Shafted69]

Capitalism gone wild got downgraded a few months ago thanks to the repukes' manufactured debt ceiling fiasco.

[Waterstpub87]

Gee, I didn't see one thing about liberal socialism in that article. Small countries will be downgraded from the beginning and will work it's way to the larger. Paper money won't be worth toilet paper. Gold, silver and property will be the new currency. This is what happens when wealth is created from thin air instead of a gold standard.

Keep living in the fantasy world of the gold standard. It is completely incompatible to a modern economy. Downgrades have nothing to do with the size of a country, just with its debt level and receivables. Liberal socialism is what got Portugal into this mess. Bloated government and an unfriendly environment for businesses is the recipe for fiscal disaster.

[rkelly110]

Don't know enough about either to form an argument, but looking at just printing money
without something substantial to back it up, seems to be the problem. We as individuals
can't get loans without collateral. (at least that was the way it used to be) Then again,
govt's don't operate like we do.

[Waterstpub87]

Don't know enough about either to form an argument, but looking at just printing money without something substantial to back it up, seems to be the problem. We as individuals can't get loans without collateral. (at least that was the way it used to be) Then again, govt's don't operate like we do.

Yes, you can. Personal loans and lines of credit are still in effect. A major financial services company that I worked for would loan up to 10,000 without collateral.