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Our National Debt includes all circulating money since 1776. No Debt, no money. So trade, commerce, business exchanges and transactions would be difficult using gold. It would be very hard to run an economy on gold. Even buying a house with gold would be difficult.
no one is suggesting we run the economy on gold.
Care to tell me how other nations who have surpluses then have money, since according to you, only debt = currency..
Citizens do not "owe" the debt. The debt is a function of outlying securities issued by the Treasury.
The government invests by spending in debt. The debt is monetized by the Fed and paid out to bond purchasers with interest over time. Public Sector debt is nothing more than one side of double-entry bookkeeping. If you want a surplus, you have to drain the Private and Foreign Sector of money.
And if everyone suddenly wanted cash for those securities they hold, in other words, they demanded money for the debt they bought, then what?
Not true. If you sign up for Medicare Parts Band D the government picks up 75% of the tab. So if you are paying $133 per month the government is paying another $400 per month. Pay roll taxes, taxes on SS, and contributions for B and D only come up to $340 billion a year. Uncle Sam has to come up with another $240 billion.
The key word in your sentence is "FORCING", we are a government of the people, we are a Republic, we have a government of Man-over-Government, not Government-over-Man. Forcing the population to acquiesce to a policy at the threat of paying a "tax" we should call it for what it is a "fine", goes against the principals this country was founded upon. If they do it with healthcare then what else is next.
Madison wrote in the Federalist Papers in March of 1789 that: "The tyranny of the legislatures is the most formidable dread at present, and will be for long years. That of the executive will come it’s turn, but it will be at a remote period."
That remote period has been with us for awhile.
The government can't force me to do squat.
If I decide not to get health insurance ala Obamacare, that's my choice.
And if everyone suddenly wanted cash for those securities they hold, in other words, they demanded money for the debt they bought, then what?
They exchange their interest bearing USD based debt, for non-interest bearing USD (debt). They then have money in their checking account rather than their savings accounts.
Uh, China bought US debt. What if they wanted cash in that debt?
Hmmm?
China already traded their their non-interest bearing USD for interest bearing USD based debt. Now you're asking what happens if they want the cash back? See the above.
If I decide not to get health insurance ala Obamacare, that's my choice.
Sure the Gov't can force us to do certain things. Like pay taxes if they are owed, as that's an enforceable law. And they will enforce it vigorously.
Has to be.
Enforceable taxation in the specific currency of any monetarily sovereign nation helps give that currency value, security and strength.
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