Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Minnesota, Wisconisn and Michigan go to our wealthy neighbors to the north, Canada. Would you sign off on that if Canada agreed to pay off our national debt within say 30 years?
Minnesota, Wisconisn and Michigan go to our wealthy neighbors to the north, Canada. Would you sign off on that if Canada agreed to pay off our national debt within say 30 years?
Sure, sell California to Mexico. They seem to be trying to colonize it anyway, might as well make them pay for it.
Or maybe Obama could sell the 51-57th states, he got people to buy off on his "transparent" administration, he's clearly experienced in selling things that don't exist.
If you are referring to the national debt, denominated in dollars, in excess of 16 trillion, then you cannot sell off "states" to pay it.
Why?
Because the debt computes to over 800 billion ounces of gold bullion stamped into coin.
"Dollar bills" are not dollars, but worthless IOUs. They are part of the debt, and cannot pay it.
As to gold bullion, there are several problems.
Fort Knox has only 147.4 million ounces (allegedly).
World wide supply is estimated at 5.6 billion ounces - a major shortfall.
Which raises the question, exactly what did Congress borrow to rack up owing so much?
(We're not allowed to question the validity of the public debt, pursuant to clause 4, 14th amendment, USCON)
The next question: who are the parties liable on that debt?
According to Title 12 USC Sec. 411, the government is an obligated party.
According to FICA (social security act of 1935), each "contributor" is also liable.
In other words, the 312 million enumerated "human resources" are pledged as collateral on that debt.
(Of course, everyone volunteered, right?)
So if folks wanted to get ahead of the curve, so to speak, a wholesale withdrawal from FICA would suffice. Not only would it save the people from the consequences of default, but it would collapse the regime in short order. I would not be surprised if the whole government resigned en masse and fled to countries that did not extradite to the USA. Sadly, it would also vaporize the "paper wealth" held by the billionaires and millionaires. Without enough human collateral, those worthless IOUs (notes) have no par value.
References:
U.S. Constitution, Art. 1, Sec. 10
Coinage Act of 1792, of 1873
Federal Reserve Act of 1913, Title 12 USC Sec. 411
House Joint Resolution 192, June 1933
Federal Insurance Contribution Act of 1935
I wasn't aware Canada was in the market for our states.
I also wasn't aware they had this much money.
Canada and Norway are about the richest countries in the world. They do a good job of hiding it.
But that wasn't the question. What would your answer be to a hypothetical question like this?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
