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.
Imo controlled inflation would be the fairest most economical form of taxation. No loop holes, taxes the rich proportionally more than the rest (even taxes foreign nations and foreigners that choose to do business with us), no spending hundreds on H&R block etc.
Only thing the economy / people would need to know is how much was printed / potentially lost to know how much to inflate costs. Eventually maybe every 5-10 years the currency would be swapped out for a new one 100 to 1 etc. At this point it would just be a matter of swapping out digits in a computer that your currency would get switched over to.
This form of taxation promotes asset ownership, promotes improving your assets / houses etc (instead of our current horrible ****ing form that promotes devaluing your assets / property and living in the smallest least valuable home possible).
Federation of American Scientist go way back (established in the 40s I think) and they included that info [$14T number comes from] in their report:
"Including private investors and governments, the top three estimated foreign holders of federal debt by country, as of December 2020, are Japan ($1.2 trillion), China ($1.1 trillion), and the United Kingdom ($0.4 trillion). Based on these estimates, Japan holds approximately 17.7% of all foreign investment in U.S. publicly held federal debt, China holds approximately 15.2%, and the United Kingdom holds approximately 6.2%. "
FAS are not in the habit of miss informing people. Secrecy News is a blog I use to follow, began reading it in 1999.
There is a leadership deficit in this country --- our government are taking out more loans and spending more money, The debt-to-GDP ratio cannot grow forever, stop acting like it can. The question isn't 'if' the u.s. will fail, but 'when'.
"Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted." -- Alan Greenspan
I thought they did audit Fort Knox, turns out they have never, that I know of --- Ron Paul is still at it.
I'm old and it has always been rumored that there is no gold in the vaults. So far they have done nothing to squash that rumor.
Federal debt held by foreign entities is $7T, so other US governments, meaning city, county and state + personal and business foreign debt must be another $7T. Assuming USD denominated debt.
The wheres, whys and hows of our national gold holdings have to be state secrets.
Status:
"It Can't Rain All The Time"
(set 28 days ago)
Location: North Pacific
15,754 posts, read 7,592,007 times
Reputation: 2576
Quote:
Originally Posted by Ellis Bell
Federation of American Scientist go way back (established in the 40s I think) and they included that info [$14T number comes from] in their report:
"Including private investors and governments, the top three estimated foreign holders of federal debt by country, as of December 2020, are Japan ($1.2 trillion), China ($1.1 trillion), and the United Kingdom ($0.4 trillion). Based on these estimates, Japan holds approximately 17.7% of all foreign investment in U.S. publicly held federal debt, China holds approximately 15.2%, and the United Kingdom holds approximately 6.2%. "
FAS are not in the habit of miss informing people. Secrecy News is a blog I use to follow, began reading it in 1999.
There is a leadership deficit in this country --- our government are taking out more loans and spending more money, The debt-to-GDP ratio cannot grow forever, stop acting like it can. The question isn't 'if' the u.s. will fail, but 'when'.
"Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted." -- Alan Greenspan
I thought they did audit Fort Knox, turns out they have never, that I know of --- Ron Paul is still at it.
I'm old and it has always been rumored that there is no gold in the vaults. So far they have done nothing to squash that rumor.
Quote:
Originally Posted by Hoonose
Federal debt held by foreign entities is $7T, so other US governments, meaning city, county and state + personal and business foreign debt must be another $7T. Assuming USD denominated debt.
The wheres, whys and hows of our national gold holdings have to be state secrets.
Oh I don't care about Fort Knox, that's a given ... Let Ron Paul chase that. However, the first time I heard him talking about it was the campaign of 2012 and it was shortly thereafter that Germany began their withdrawals. And I thought I read somewhere that they had done an audit, but I'm not finding a reference to it now.
I miss read the FAS report, "As of December 2020, there was $21.6 trillion of publicly held debt outstanding"
"P.L. 116-37 specifies that the amount of borrowing that occurs during the suspension of the debt limit will be added to the previous ceiling of $22.0 trillion. As of June 30, 2021, an additional $6.5 trillion had been borrowed, bringing the amount of outstanding debt subject to the statutory limit to $28.5 trillion. The new debt limit, which will be established on August 1, 2021, will reflect additional borrowing through July 31." CBO, Federal Debt and the Statutory Limit, July 2021
I also found u.s. National Debt Clock; that's a fun site. 28,614,833,000,000 the last six digits, I can't type that fast.
As for as who holds what loans, idk --- the last time I looked into Japan held most of our foreign loan debt. I do remember China in 08.
What I have the most trouble with is in 1920 we were at the top of our game, then the Great Depression and now we're here. It's like why can't we go back to 1920? And 1 percent tax?
Irwin Schiff, imprisoned for his resistance to the federal income tax, died yesterday. Efforts by his son, the noted financial commentator Peter Schiff, to secure his release from prison so that he could die with his family, were unsuccessful. Schiff's sad passing illustrates an essential truth about the state: if you resist its orders, you will be dealt with by force.
It's time to get back to a constitutionally limited government.
Well if you want to have a Police Department, Fire Department, Public Schools so that everyone will be educated,
roads, bridges, A Defense Department.
I can understand why we have taxes, it's just bothersome at times we are taxed so often by so many different
entities...
Our income is taxed as soon as we earn it, then it is taxed (here at least when you go buy something)A federal Tax, A state Tax,Social Security tax, Here in Lexington we have to pay a city tax and a county tax, on top of the state tax,then you are taxed when you buy a car, (or almost anything really) and have to pay tax every year again on the car....the same with a home. On top of that you have to pay the government fees on utilities, to fish, hunt, get a drivers license, get a boat license....the list is endless! (you need a license for everything pretty much except for carrying a gun!)
By the time they take all the deductions and fees you have no choice but to pay....how much of your money do you really even ever see?
Even when you pay off a mortgage you will have to pay taxes on your home until the day that you die.
(I am pretty sure that they have found a way somehow to tax you for that even.)
The debt is so colossal that most people literally aren't capable of understanding just how big a number that is.
The government seems to think that it can just print whatever money it wants to spend, with no real plan to get any of it back.
Everyone (with power/authority) is behaving as though all that money printing won't affect anything. Those who are voicing concerns about the result of that xeroxing are summarily dismissed as conspiracy theorists or crazy or whatever.
If printing money doesn't harm the economy, and they can just print whatever they need, why are we paying anything at all in taxes? Why aren't we keeping our money to use as we see fit?
Think of it as a logic puzzle. Let us know what you figure out.
You get what you vote for.
All YOU have to do is get people convinced to vote differently.
The repercussions will hit us like a ton of bricks sometime in the future.
It's more like a slow motion suicide.
All empires fall. Rome became a big welfare state and that was the cause of it's demise.
We're not there yet but we certainly are on that road.
As an example: We've eliminated asset checks on some government programs and only go by income.
That is how many, many more people can qualify for government financial assistance when they really shouldn't.
"All empires fall. Rome became a big welfare state and that was the cause of it's demise."
Don't have to go back that far.
Look up Argentina.
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.
And 1 percent tax?
