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Status:
"It Can't Rain All The Time"
(set 29 days ago)
Location: North Pacific
15,754 posts, read 7,592,007 times
Reputation: 2576
Quote:
Originally Posted by Ellis Bell
Yep, foreign loans --- for that which they can't cover through wage garnishment. The u.s. has been budgeting through means of credit for long time now. This explains it better than I can:
After the government used up all the monies the (largest workforce) Baby Boomer(s) paid into the SS in order to meet the public programs, they began to borrow more from foreign countries and I don't think it is the balance of debt that is the issue ---
"The debt becomes even more unsustainable when interest rates rise. When that happens, the interest on the debt will cost more than the $250 billion it does now." I.O.U.S.A. Movie Summary, Review and Background Information (2007 documentary)
It isn't the car note, the house loan, or the student loan that gets you --- it is the interest rates accrued over the period of the loan, that will keep a person in debt; operating on credit for their whole lives. The u.s. government is operating in the same way. The government ran out of our money a little over 50 years ago and the other deficit issue we have is leadership.
Again, the documentary explains it much better than I ever could; I can't even begin to do it justice, but I can follow along enough to understand, what happened to Greece can very well happen to the u.s.
“When the people find that they can vote themselves money that will herald the end of the republic.” -Ben Franklin
And this is the result of an open and free market?
Mostly open and free. All modern and successful countries have a central bank and sovereign currency to manage as they see fit. The US, the USD and our Fed IMO are simply the best in the world.
Mostly open and free. All modern and successful countries have a central bank and sovereign currency to manage as they see fit. The US, the USD and our Fed IMO are simply the best in the world.
Did you have a gun to your head as you wrote that?
After the government used up all the monies the (largest workforce) Baby Boomer(s) paid into the SS in order to meet the public programs, they began to borrow more from foreign countries and I don't think it is the balance of debt that is the issue ---
"The debt becomes even more unsustainable when interest rates rise. When that happens, the interest on the debt will cost more than the $250 billion it does now." I.O.U.S.A. Movie Summary, Review and Background Information (2007 documentary)
It isn't the car note, the house loan, or the student loan that gets you --- it is the interest rates accrued over the period of the loan, that will keep a person in debt; operating on credit for their whole lives. The u.s. government is operating in the same way. The government ran out of our money a little over 50 years ago and the other deficit issue we have is leadership.
Again, the documentary explains it much better than I ever could; I can't even begin to do it justice, but I can follow along enough to understand, what happened to Greece can very well happen to the u.s.
“When the people find that they can vote themselves money that will herald the end of the republic.” -Ben Franklin
Comparing US federal debt to the debt of Greece is nonsense.
The USA has the USD as its sovereign currency. It cannot go bankrupt or fail to pay a USD denominated debt of any size, unless our elected officials decide to engage in such craziness. Greece on the other hand has no sovereign currency, and certainly can go BK.
The US Federal gov't handles debt much differently that you or I, any business, city or state. For one thing it never has to pay off its debt. And as it is being demonstrated right now, does not need any foreign entity to buy its debt.
When Franklin talked about money, he had no idea of the nature of modern fiat. His was gold coin and taxes. He should have talked to Hamilton!
Comparing US federal debt to the debt of Greece is nonsense.
The USA has the USD as its sovereign currency. It cannot go bankrupt or fail to pay a USD denominated debt of any size, unless our elected officials decide to engage in such craziness. Greece on the other hand has no sovereign currency, and certainly can go BK.
The US Federal gov't handles debt much differently that you or I, any business, city or state. For one thing it never has to pay off its debt. And as it is being demonstrated right now, does not need any foreign entity to buy its debt.
When Franklin talked about money, he had no idea of the nature of modern fiat. His was gold coin and taxes. He should have talked to Hamilton!
Straight out of the Modern Monetary Theory handbook. Debt doesn't matter, create as much money as you need, spend like maniacs, there are no limits, gravity is just a myth.
Straight out of the Modern Monetary Theory handbook. Debt doesn't matter, create as much money as you need, spend like maniacs, there are no limits, gravity is just a myth.
As the Trump GOP proved again. Except when they are not in power.
Status:
"It Can't Rain All The Time"
(set 29 days ago)
Location: North Pacific
15,754 posts, read 7,592,007 times
Reputation: 2576
Quote:
Originally Posted by Hoonose
Comparing US federal debt to the debt of Greece is nonsense.
The USA has the USD as its sovereign currency. It cannot go bankrupt or fail to pay a USD denominated debt of any size, unless our elected officials decide to engage in such craziness. Greece on the other hand has no sovereign currency, and certainly can go BK.
The US Federal gov't handles debt much differently that you or I, any business, city or state. For one thing it never has to pay off its debt. And as it is being demonstrated right now, does not need any foreign entity to buy its debt.
When Franklin talked about money, he had no idea of the nature of modern fiat. His was gold coin and taxes. He should have talked to Hamilton!
What part of they ran out of our money do you not get? If you do not pay your house note, or you car loan, the repo service shows up ---- does not end well. Several countries have come to get their gold; Germany for one; the u.s. is paying them in installments, so much every 7 years. And China bought up all our debt when Bush jr was in the WH.
What is it they say, sooner or later, you run out of everyone else's money --- to discover if that is true, one doesn't have to look very far ---
" ... There is something called the "national debt." In the movie's [i.o.u.s.a.] interviews with ordinary people, it has a hard time finding anyone who knows exactly what that is. Well, I've never exactly known, either. I thought I knew, but it never came up in conversation, and it became a meaningless abstraction, even though in 2009, the debt will pass $9 trillion. You might think of those as dollars our nation has spent without having them.
<snip>
Here's an interesting statistic. I remember when "Made in China" meant cheap and shabby merchandise. No longer. In the ranking of the trade imbalance among all the world's nations, China is first with the highest surplus, and the United States is last with the largest deficit. The Chinese now hold a huge chunk of our debt. If they ever call in the loan, it would destroy our economy. In the presidential debate earlier in the year, Ron Paul was a lonely voice talking about the debt; the others on both sides paid lip service to the problem and moved on."
The rules of accounting do not change just because your a Country.
Straight out of the Modern Monetary Theory handbook. Debt doesn't matter, create as much money as you need, spend like maniacs, there are no limits, gravity is just a myth.
More money can be created with modern money, then if strapped to gold or simply by using taxation.
What a nation does with it is policy.
What part of they ran out of our money do you not get? If you do not pay your house note, or you car loan, the repo service shows up ---- does not end well. Several countries have come to get their gold; Germany for one; the u.s. is paying them in installments, so much every 7 years. And China bought up all our debt when Bush jr was in the WH.
What is it they say, sooner or later, you run out of everyone else's money --- to discover if that is true, one doesn't have to look very far ---
" ... There is something called the "national debt." In the movie's [i.o.u.s.a.] interviews with ordinary people, it has a hard time finding anyone who knows exactly what that is. Well, I've never exactly known, either. I thought I knew, but it never came up in conversation, and it became a meaningless abstraction, even though in 2009, the debt will pass $9 trillion. You might think of those as dollars our nation has spent without having them.
<snip>
Here's an interesting statistic. I remember when "Made in China" meant cheap and shabby merchandise. No longer. In the ranking of the trade imbalance among all the world's nations, China is first with the highest surplus, and the United States is last with the largest deficit. The Chinese now hold a huge chunk of our debt. If they ever call in the loan, it would destroy our economy. In the presidential debate earlier in the year, Ron Paul was a lonely voice talking about the debt; the others on both sides paid lip service to the problem and moved on."
The rules of accounting do not change just because your a Country.
The rules of money with countries does change if you are sovereign in yours, unattached or based on any commodity, freely floating and exchangeable with foreign currencies. You and I, businesses, cities and states have different rules. We are all users of the sovereign, not the creator. And that is a big difference. Love it or hate it, but learn it. Trump knows debt!
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