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America (i.e., "Americans") will never pay off the debt. They will just wiggle off the hook.
Technically, the public debt is the obligation of the U.S. government - which repudiated repaying that debt in House Joint Resolution 192, in June 1933.
However, all "contributors" who sign up with FICA become equally liable on that debt. That's how the debt is underwritten by 320 million "human resources." (And how those "notes" became legal tender on the masses)
If ever a substantial number withdraw from FICA, that would severely reduce the pledged collateral.
Of course, when the CREDITOR forecloses, the government is immune, since it is a trustee for public property and cannot pledge it as collateral.
The hammer will fall on all those "volunteers" who have accounts and numbers with the socialist insecurity system.
We will never pay off our debt entirely but we need to reduce it back down to ground zero which is around 130% of GDP. As I said before, las time it took us a Great Depression AND a World War to get that debt back down to around 130%. How are we going to do it today???????
Recession, Deflation, Great Depression, Civil War, WW3......this is my guess. There is no such a thing as a free lunch. We as a country, we are bankrupt!!!!
No.
Isn't the public debt fraudulent?
The question cannot be asked, pursuant to clause 4, Amendment 14, US CON.
. . .
However, one might note that dollars, as defined by the Coinage Act of 1792, have not circulated since 1933.
And dollar bills, authorized by 12 USC Sec. 411, are IOUs (debt) which cannot pay debt. (Minus + Minus = more Minus)
. . .
The public debt, in excess of 20 trillion DOLLARS (not dollar bills), computes to an obligation to pay roughly 1 trillion ounces of gold, stamped into coin. (Silver was demonetized in the Coinage Act of 1873)
Problem #1 : Ft. Knox depository only holds 147.4 million ounces.
Problem #2 : World supply (est) is 5.6 billion ounces.
Problem #3 : At current mining rates, and if the debt and interest were frozen, it would take over 7000 years to mine enough gold.
LAWFUL MONEY - "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold or silver coin of the United States..."
Title 12 United States Code, Sec. 152.
"Dollars, or units; each to be of the value of a Spanish milled as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard, silver."
"Eagles each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold."
--- Sec. 9, Coinage Act of 1792, January 1792
". . .Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy."
Translation from legalese :
Federal Reserve Notes (debt instruments) aka "dollar bills" are not redeemable have no value (worthless).
As debt, they cannot pay off the existing national debt, being part of it.
The site coyly avoids mentioning how YOUR goods and services back Congress' bad checks they've been kiting since 1933.
(hint: involves a giant "insurance" scam)
And you can't squawk about it !
"The validity of the public debt of the United States, authorized by law . . . shall not be questioned."
--- clause 4, 14th amendment, USCON.
. . .
Where's the 20 trillion in gold dollars lent to CONgress?
FWIW - coining all existing gold bullion only amounts to 112 billion dollars (gold).
"Someone" is running a giant scam...
It's really mind boggling how much debt we are in yet we spend money worse than a teen girl who won the lottery. Uhh...Shouldn't you pay off all your debts BEFORE spending it on anything else?
You'd think. But the people spending it take this country for granted. "Why, nothing's going to happen to us. This is America--we're going to last forever. Why wouldn't it be that way???"
Hey, if you want to spend money like a drunken sailor and run yourself into the ground, go ahead. The problem is that it's going to affect my life when this country falls apart because of it's greed/stupidity (greed more than anything else, likely). It just sucks. People suck. End of story.
We will never pay off our debt entirely but we need to reduce it back down to ground zero which is around 130% of GDP. As I said before, las time it took us a Great Depression AND a World War to get that debt back down to around 130%. How are we going to do it today???????
Recession, Deflation, Great Depression, Civil War, WW3......this is my guess. There is no such a thing as a free lunch. We as a country, we are bankrupt!!!!
We can't pay it but we can outgrow it. If we can sustain 3-4% growth like we're seeing now than the debt is manageable but if we go back to the 1-2% growth of the past 10 years we are in big trouble. A 25 trillion dollar debt in a 25 trillion dollar economy is significantly better than a 23 trillion dollar debt in a 20 trillion dollar economy.
Debtors anon first step
Stop debting
Now we can go on to talk about payoff
$20-trillion debt is about $150,000 per wage earner. What did you buy with your share, that remains to be paid off? Ten percent of the debt is the vandalism spree in Iraq and Afghanistan, still going on and counbting. Were you for or against that? It costs about a million dollars per person in health care to keep the average American alive. Let us know when you've had enough (stopped debting), we'll pull the plug.
Obviously there is a lot of greed and corruption that hinders it, but do you think even if all of the politicians were great, honest, wholesome people, the U.S debt could ever be fully paid off? Or do you think we're too far gone and America will be destroyed before it could pay off 100% of its debt?
It's really mind boggling how much debt we are in yet we spend money worse than a teen girl who won the lottery. Uhh...Shouldn't you pay off all your debts BEFORE spending it on anything else?
There is not enough U.S. currency to pay it all off. We would have to use seigniorage. And in turn, this would lead to rapid inflation, which penalizes whoever is holding the cash and fixed-rate bonds.
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