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Old 13.10.2008, 12:00
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Re: How Safe is UBS

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Recently read an analysis by a German economics professor who assumed that in a worst case scenario the US could choose to default on all treasuries held by foreigners. In the end, the rest of the world could not do much except for confiscating assets held by US companies or declaring war.

I'm looking at this statement from Bush and can imagine him implying how non-cooperation can be construed as an aggressive act against national interests:

"In an interconnected world, no nation will gain by driving down the fortunes of another. We are in this together. We will come through it together," Bush said, flanked by representatives from G-7 nations, the IMF, World Bank and European Union. "There have been moments of crisis in the past when powerful nations turned their energies against each other or sought to wall themselves off from the world. This time is different."

Also, what got us out of the great depression if not war?
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