Canuck said:Total US Govt debt now stands at $7,970 billion. $26,500 for each and every person in the US -- over $100,000 additional debt for the average family of four.
When Enron fell, It took the retirement savings of many many people along with it.
Ford now , teetering on colapse, has a legacy of toxic waste lands ,all over New jersey.
Gm is under so much debt , that they can no longer field competative models
savings and loan scandal .
The evacuation of american jobs to overseas countries ,coupled with the influx of millions of illegal imigrants.
Can someone explain to me WTF is going on .
are the ELITE bailing out of AMERICA ,leaving a 3 rd world legacy in it's wake
what exactly is the economic plan for America today.
Is there a plan at all
capitalistic corporations are inherently structured to generate short term profits, despite the accumulation of longer term debt; however, the US is relatively free of foreign bill collectors that have any real power to demand repaymentCanuck said:Total US Govt debt now stands at $7,970 billion. $26,500 for each and every person in the US -- over $100,000 additional debt for the average family of four.
When Enron fell, It took the retirement savings of many many people along with it.
Ford now , teetering on colapse, has a legacy of toxic waste lands ,all over New jersey.
Gm is under so much debt , that they can no longer field competative models
savings and loan scandal .
The evacuation of american jobs to overseas countries ,coupled with the influx of millions of illegal imigrants.
Can someone explain to me WTF is going on .
are the ELITE bailing out of AMERICA ,leaving a 3 rd world legacy in it's wake
what exactly is the economic plan for America today.
Is there a plan at all
Ima Troll said:capitalistic corporations are inherently structured to generate short term profits, despite the accumulation of longer term debt; however, the US is relatively free of foreign bill collectors that have any real power to demand repayment
such as? wouldnt it only affect the poor people? its okay if it only affects the poor peopleIriemon said:US defaulting on its debt would have serious negative consequences.
Ima Troll said:such as? wouldnt it only affect the poor people? its okay if it only affects the poor people
wouldnt this only really affect the poor people? its okay if it only affects the poor peopleIriemon said:It would totally destroy the value of the dollar, the credit of the US, and screw over US debtholders.
No.Ima Troll said:wouldnt this only really affect the poor people?
Not IMO.its okay if it only affects the poor people
Ima Troll said:capitalistic corporations are inherently structured to generate short term profits, despite the accumulation of longer term debt; however, the US is relatively free of foreign bill collectors that have any real power to demand repayment
Ima Troll said:in what way are the rich substantively affected? beyond losing a few dollars here and there?
i have a wild idea; perhaps the US should stop borrowing money for a few years; whaddaya think?Canuck said:that leaves your creditors barren and unable to lend more cash to the usa
and as the country borrows 500+ billion more each year If you remove that borrowing the country will fall into third world status or a severe spending cut back will need to be done leaving higher taxes,on an already destitute population a la mexico style
just print more money, and pay back the whole national debt in a single day; before foreign nations realize that the money is valueless, they'll have canceled the debtsThe ELite have stolen America's crown jewels,and plundered it's landscape leaving in it's wake a legacy of toxic messes
I tell you that it will be hardtimes
1/3 cant pay its share of the natl debt
they are destitute
1/3 dont pay taxes the elite wont pay their share of the debt
i thought we were already poorer than third world countries, economically speaking; they dont actually owe as much money as we doyour down to the middle class like always
and they are disappearing 2.7 miilin mid class jobs gone since 2001
with the demise of the delfi oracle or (debacle i should say)
we see the slide into a third world staus happening everywhere
it is my perspective that we are already poorer than third world countriesthe elite have run your govt. into the ground
the Elephant and the ass are mere fronts for the elite
and when the elite are down as in stk market scandals and stk market crash of 2000
they will turn America into a third world state before capitulating defeat
is in every corner of America except HALiburton
i reiterate my wild idea; no borrowing in 2006 for the US; not even a dollar; whaddaya think?; good idea?it has gone far beyond being able to fix the economy using sound accounting
America needs a finacial services consultant to skirt filing chapt 11
thats how bad it is becoming
with a natl debt that some people like you suggest is not a repayable debt
we see the out of control attitude of
BORROW BORROW BORROW we dont have to pay it back
I wonder if you can keep BORROWing
taxes will go to the middle class; not the elite; who controls the taxation after all?the creditors are becoming nervous america is at the point of not being able to pay it back without raising taxes especially on the ELITE those that can pay more
theres a hard rain a gona fall as dylan would say
i suggest that the rich will simply transfer their obligations to the middle class and the poor; this will effectively eliminate the middle classIriemon said:IMO everyone will be affected if the US defaults on its obligations and the dollar comes crashing down along with the economy. Apart from that, I'd guess that the rich are among those who hold US debt.
Ima Troll said:i suggest that the rich will simply transfer their obligations to the middle class and the poor; this will effectively eliminate the middle class
Ima Troll said:thats if we pay; do you consider default to be imminent?
makes a lotta sense; thanks muchIriemon said:The Govt will not default. We are a long way from that. If it has to the Fed can create money and lend it to the Govt. Though that would cause another hose of economic problems.
What will happen long before that is at some point, creditors will see more risk in lending $$ to the US Govt. Not a fear that the Govt will default on its payment, but the fear that with the growing debt the US will not be able to maintain the value of the dollar. If there is fear the dollar will devalue, creditors will be less likely to lend money because of the fear that when they are paid back the dollars they are paid back will be worth less because of the devaluation. As a consequence, creditors will demand higher interest before they loan money to the US govt. When that happens, interest expense on the debt (now at $350 billion a year) could skyrocket, creating further pressure on the deficits.
Iriemon said:The Govt will not default. We are a long way from that. If it has to the Fed can create money and lend it to the Govt. Though that would cause another hose of economic problems.
What will happen long before that is at some point, creditors will see more risk in lending $$ to the US Govt. Not a fear that the Govt will default on its payment, but the fear that with the growing debt the US will not be able to maintain the value of the dollar. If there is fear the dollar will devalue, creditors will be less likely to lend money because of the fear that when they are paid back the dollars they are paid back will be worth less because of the devaluation. As a consequence, creditors will demand higher interest before they loan money to the US govt. When that happens, interest expense on the debt (now at $350 billion a year) could skyrocket, creating further pressure on the deficits.
Iriemon said:US defaulting on its debt would have serious negative consequences.
Ether said:You should probably note "Imatrolls" screen name.
Nevertheless, he has a point. I thought you didn't want the government to borrow money? Cancelling the debt would do the trick.
Iriemon said:LOL, well you have a point. After defaulting on the debt, I doubt many would be really eager to lend more money to the Govt.
Ether said:I'm not trying to be amusing. Debt cancellation would be a far better policy if you really weigh it against the alternative of paying off the debt (and continuing to service it for God knows how long). At least, I can only justify that argument on economic grounds. There would be severe diplomatic consequences for the United States which must also be taken into consideration. That is for the foreign affairs analysts to comment on in another forum.
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