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It's not interesting. It's called politicians lying to you on behalf of the super-rich.
NO debt is unmanageable for a country that controls its own currency. The U.S. government can do anything it wants with the U.S. dollar. All U.S. debt is denominated in U.S. dollars.
Countries default for any one of three reasons:
1) They do not issue their own sovereign currency
2) They owe significant debt in a foreign currency
3) Political choice
No, the U.S. is NOT in a unique position. Canada, Japan, China, Australia, Russia, and the UK are all monetarily Sovereign.
No, being the reserve currency has nothing to do with ability to service debt. Where do you people come up with this ****?
No, when Congress issues a budget, it allocates what programs the U.S. government will allocate funds to. The U.S. government runs a deficit year after year, which is rolled over on international and domestic markets as a debt for investors to purchase. That is how the currency expands (the actual process is done on reserve through the banking system).
Pure Gobblygook. I don't even know where to begin.
But fairy tales die hard. Yes, a country can do anything what it wants with debt. There are so many historical examples of such folly, but who am I to rely on history. This time it's different. ugh.
Pure Gobblygook. I don't even know where to begin.
You don't know where to begin because you don't have anything to say.
Quote:
Originally Posted by richrf
But fairy tales die hard. Yes, a country can do anything what it wants with debt. There are so many historical examples of such folly, but who am I to rely on history. This time it's different. ugh.
Already addressed this:
Quote:
Originally Posted by Opin_Yunated
Countries default for any one of three reasons:
1) They do not issue their own sovereign currency
2) They owe significant debt in a foreign currency
3) Political choice
Pure Gobblygook. I don't even know where to begin.
But fairy tales die hard. Yes, a country can do anything what it wants with debt. There are so many historical examples of such folly, but who am I to rely on history. This time it's different. ugh.
Well, if you want to use history as a guide, in the recent past, debt has not been a problem for powerful countries because no one has leverage over them.
What is a bank going to do? Foreclose on a province? What are bondholders going to do? Take the indebted government's military supplies as payments? The large banks and international credit agencies have only the power that countries give them.
Debt is a problem for weak countries who do not control their own destiny, ie: Greece. We want them to make payments because when money stops flowing is when bad things happen.
You can compare the United States to an individual when it comes to debt - the U.S. is like the Mr. Potter from It's a Wonderful Life. We own the money so we can take out a LOT of debt.
Well, if you want to use history as a guide, in the recent past, debt has not been a problem for powerful countries because no one has leverage over them.
What is a bank going to do? Foreclose on a province? What are bondholders going to do? Take the indebted government's military supplies as payments? The large banks and international credit agencies have only the power that countries give them.
Debt is a problem for weak countries who do not control their own destiny, ie: Greece. We want them to make payments because when money stops flowing is when bad things happen.
You can compare the United States to an individual when it comes to debt - the U.S. is like the Mr. Potter from It's a Wonderful Life. We own the money so we can take out a LOT of debt.
What happens is is that the holders of the debts cash in and continue to buy up all the important assets of this country leaving the populace in a constant state of Serfdom, paying off the debt infinitum with no hope of a better life. Such conditions normally lead to social backlash and upheaval. We are witnessing the first wave of this right now. It will get worse.
Some blame immigrants for their plight (pure nonsense sponsored by the Oligarchy's demagogue's) and other's blame the Oligarchy itself for selling out this country in favor of money.
Debt always leads to the same consequence: poverty.
This has nothing to do with govt debt, you can't compare individuals and their debt to govt
It's all the same though the government propagandists try to convince the gullible that it is different. It's absolutely preposterous to try to separate the two, as if something called government is a living, breathing life form.
What we have here is a catastrophe of epic proportions in the making.
It's all the same though the government propagandists try to convince the gullible that it is different. It's absolutely preposterous to try to separate the two, as if something called government is a living, breathing life form.
What we have here is a catastrophe of epic proportions in the making.
I suspect you might imagine that accounting identities are gov't propaganda, but here goes:
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