Why America should default on the debt

Discussion in 'Political Issues' started by TheDreadnought, Oct 25, 2020.

  1. TheDreadnought

    TheDreadnought

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  2. pairof44sp

    pairof44sp

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    "But what will happen to all my savings bonds?"

    Sorry granny. Uncle Sam don't owe you jack.
     
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  3. Lagamor

    Lagamor

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    We aren’t defaulting. This ain’t a banana republic and we don’t do that stupid stuff
     
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  4. BlueBayShepherd

    BlueBayShepherd

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    The US government should not default on debt owed to American citizens (such as Treasury Bonds).

    But the US government should definitely default on debt owed to foreign countries like China, and the debt owed to the so-called "Federal Reserve" which is neither federal nor a reserve, but rather a privately owned bank that Woodrow Wilson gave the power to print $$$ out of thin air and loan it to the US government. The US government then has to pay back these enormous "loans" which the privately-owned "Federal Reserve" conjured out of thin air.

    This needs to stop. The "Federal Reserve" should be abolished.

    If money needs to be printed for whatever reason, the Treasury Department should do it directly, which would create debt-free money, as opposed to money owed to a globalist private bank.
     
  5. TF2Addict

    TF2Addict

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    Oh please do explain that one.

    Let's print and give every citizen $1,000,000.
     
  6. Climbhard

    Climbhard

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    Default? Thats the stupids thing ever when you can simply print more money to reture the debt.
     
  7. BlueBayShepherd

    BlueBayShepherd

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    Let's take the $6.7 Trillion stimulus from March 2020 for example.


    Here's how it worked: The "Federal Reserve" printed $6.7 Trillion out of thin air, and loaned it to FedGov. FedGov will have to pay that money back in the future, with interest. In other words, future generations of Americans will be paying back these loans (with interest) to the private "Federal Reserve" bank.


    In contrast, if the Treasury Department printed the $6.7 Trillion directly without needing to borrow from anyone (as it did before 1913), that money would not need to be paid back to anyone, since the Treasury Department printed it out of thin air, instead of letting someone else (the "Federal Reserve") print it out of thin air and then borrow it with interest from the "Federal Reserve."


    Of course, money printing is bad since it causes inflation, but if you are going to print $6.7 Trillion for a stimulus, it is better to have the government print debt-free money, which will only cause inflation.


    As opposed to having the private "Federal Reserve" bank print the money and loan it to FedGov, which causes inflation AND puts the government (and hence the American people) in debt to a private bank.


    If the decision has been made to print $6.7 Trillion (as the government did in March), what would you rather have?

    1) Inflation.


    2) Inflation AND the American people owing $6.7 Trillion to a private globalist bank, which must be repaid with interest.



    If you're printing money out of thin air, you're going to have inflation. So you might as well print debt-free money, instead of money that has to be repaid with interest to a private bank by future generations of Americans.
     
  8. IOmm

    IOmm ╠╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬ƁȖǤȘ╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╬╣ Silver Member

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    No thanks...I don't want hyperinflation.

    1 - Copy.JPG
     
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  9. jeanderson

    jeanderson Making America great again!

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    ...not yet.
     
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  10. BlueBayShepherd

    BlueBayShepherd

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    Very good point. But the national debt is currently more than $27 Trillion ($ 6.7 Trillion since March 2020).


    Printing $27 trillion (which is larger than the entire US GDP) would lead to hyper-inflation.


    Still, it remains an option if, for example, China demands to be repaid with physical assets such as US land, gold, National Parks, minerals, oil fields, etc.


    Of course, China would likely not be happy about being repaid in worthless Monopoly money, which would likely lead to a war where they try to force the USA to repay them in hard assets that actually have value (such as land, gold, and the other things I mentioned above).
     
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  11. JK-linux

    JK-linux

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    Default of nearly every nation's debt to other nations is virtually a given. I don't know why we would be any different. Most certainly, no one is going to pay us back.
     
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  12. nerr

    nerr

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    We're sure checking off a lot of the yellow-colored boxes: physical attacks on anyone not towing the party line and on legal system, riots billed as 'peaceful protests'. We've had a few appartchik-style government-sponsored coup attempts, media control of information. I'm sure there are more subtle ones.

    Only thing saving us on money side is that we are the 'fiat' currency' for the world and since 1971 going off the gold standard, we can print as much as we can until no one buys our debt any more and decide to use other means of payment.

    Now, comparing our descent to that of the Roman Empire gets one thinking it's part of the pattern of all civilizations.
     
  13. Lagamor

    Lagamor

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    What is it about this topic that brings out the stupid in people?
     
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  14. uhlawpup

    uhlawpup l'Italia s'è desta

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    It only brings out those who like to "stir the pot" and upset people, get their jollies, and move on.
    I'm not a fan of fiat money. Just look at how much the purchasing power of the dollar already has fallen. Remember when a dime bought a candy bar, two Tootsie Roll Pops, and a piece of bubble gum?

    No, I don't guess that you do...
     
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  15. thespork

    thespork

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    We'll there it is....

    Go ahead and tell everyone getting social security and/or a government backed pension that they are SOL....
     
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  16. tool-time

    tool-time

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    Not until the socialists win anyway.
     
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  17. hannstv

    hannstv

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    The national debt will never be paid, at some point in the future the dollar will be devalued. There are just not many options.
     
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  18. 1cm

    1cm

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    We defaulted on our debt long time ago. Anyone who thinks it will ever be paid back is a functioning moron. As long as there are no better options (China mismanages its currency) our economy will not collapse.
     
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  19. TheDreadnought

    TheDreadnought

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    Except the govt has been running up debt like there’s no tomorrow and inflation has been really low for years.

    So your theory doesn’t hold much water based on the facts.
     
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  20. Upgrayedd

    Upgrayedd

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    We still have alot of debt to accumulate before defaulting. Spend spend spend!
     
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