[spadival]

Originally Posted by amitoj

But they have savings also!!

But the main point still remains that if people living on credit start defaulting, the impact will not be even half of what we are seeing in US.

Point taken. But its an unknown factor as to how many Indians have any real liquid savings - i.e excluding investments in stocks and real estate. And not many Indian households would like to sell their gold

[jassi]

maybe the end of dollar hedgemony and the petro-dollar, if it happened at this time will completely bring US to the bottom of this economic spiral!!
Petrodollar warfare - Wikipedia, the free encyclopedia
The End of Dollar Hegemony

[Sudipto-S-Team]

This is a one line report from the Lehman Brothers auditors forwarded to me

"There are two sides to a Balance Sheet. - Left & the Right (Liabilities and Assets respectively) on the Left side there is nothing right… and on the right side there is nothing left "

Please check your own balance sheets on the basis of this finding.

[bblost]

Wall Street Bailouts.
A very interesting article here Wall Street Bailouts - Pravda.Ru