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The repercussions of defaulting are way too disastrous for us to do so.
We are simply one good budget away from fixing all this shit. We just need to elect some politicians with balls.
Someone like Kasich.
But we prefer batshit crazy hucksters instead.
you do understand we are buried in debt and about to be unable to function without draconian cuts or a simple default and reset, right?The advantages of a Sovereign issuer of the world's reserve currency......and money growth?
Tom struggles with Intro to Debt 101
The only one "struggling" here is you, fool. Trying to divert the conversation to "sovereign issuer or the world's reserve currency" is simply blithering. Try to focus Slim....you do understand we are buried in debt and about to be unable to function without draconian cuts or a simple default and reset, right? Slim? Tower to Slim, over?
In regards to your "under water" point. What do you think the national debt actually is? What makes you think a nation sovereign in its own currency that's no where near full output will default on the "debt" which I refuse to refer to as a debt as we like to see it. What makes you think at 22 trillion everything will collapse? The us government can create dollars from thin air, and inflation is not an issue in regards to the united states right now.
What makes you think we have to take from our other obligations to "pay off" interest? We don't.
Money Growth Does Not Cause Inflation!
Ah, so we can just inflate our way out of it by issuing worthless greenbacks? And where does that end? Then you say "inflation is not an issue right now" as if your "run the money presses" won't destroy our currency like what brought Hitler to power in post-war Germany when Gerry was taking boxes of Marks to the market for bread and milk. Wise up, dope. We can't expect an economic surge to "grow our way out of this" without my suggestions above. Unless and until US manufacturing is returned to American soil and the millions of lost jobs and taxpayers restored, we'll remain a service economy being hijacked by the slants. You might want to stop denying the debt, the percentage of GDP it's eating, and face the facts.
dear, if we default on debt
1) we could not borrow again. Taxes would go way up; maybe triple.
2) Panic selling would cause instant worldwide Depression.
3) untrusted govt could not help since it could not be trusted so world wide Depression would be prolonged.
Only an idiot would suggest it seriously!.
"Is It Time To DEFAULT On the DEBT And Start Over?"
It's time to not be this ridiculous and melodramatic – and time for conservatives to stop being so unrealistic and naïve.
We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
Who do you think owns our debt?We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
DEBT OWNED BY UNITED STATES AGENCIES
DEBT OWNED BY THE PUBLIC
- Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion
- Office of Personnel Management Retirement - $873 billion
- Military Retirement Fund - $601 billion
- Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion
- All Other Retirement Funds - $187 billion
- Cash on Hand to Fund Federal Government Operations - $508 billion. (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities, December 2015)
Do you think we should screw these people over? And what would happen to our credit rating for the future?
- Foreign - $6.175 trillion
- Federal Reserve - $2.461 trillion
- Mutual Funds - $1.056 trillion
- State and Local Government, including their pension funds - $803 billion
- Private Pension Funds - $403 billion
- Banks - $515 billion
- Insurance Companies - $293 billion
- U.S. Savings Bonds - $174 billion
- Other (individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors) - $1.198 trillion. (Sources: Federal Reserve, Factors Affecting Reserve Balance, February 3, 2016. Treasury Bulletin, Ownership of Federal Securities, Table OFS-2, as of June 2015)
China can do whatever it wants with our bonds. We sold them to China, that's our own fault.
Source: The Real Owner of the U.S. Debt Will Surprise You
.
Who's got better credit than somebody with ZERO debt and hundreds of ICBMs? The pensions and SS/Medicare can easily be funded with new debt. All foreign debt is gone and we must do it before China can react militarily. The rest we can handle with tax revenue and tariffs that squeeze out foreign manufacturing; we'll make our own products again. And if the Fortune 500 hasn't moved their entire production back to US soil within 6 months, they can have their inventories seized as contraband and be banned from selling in the US for ten years.....they'll RUN back home. Then there's the matter of a Constitutionally mandated balanced budget and never again to run debt past $3T. This is RADICAL...the alternative is we become a third-world, crime-ridden collection of fifedoms and warlords.
Yes! Fuck the bankers.We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
Uh.....what do you think yields on debt reflect?
and perhaps you should consider READING your links before blindly pasting them from the google page....
But right now, China is selling because it's in dire need of cash. Recently, it unleashed multiple moves to support its markets and prevent its currency from a freefall, while at the same time trying to stimulate the economy.
Duh....I read my link and maybe you should too....China isn't about to get saddled with US debt with the looming default. As to yields on debt, we have no recourse but take our medicine thanks to situation you sniveling Rats have put us in.
So you would just default on our loans. All the Americans who have their retirement funds in Treasuries, seniors living off interest, banks, pension funds and 401Ks and charities and life insurers and annuities, foreign countries who trusted us, on and on.Who do you think owns our debt?We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
DEBT OWNED BY UNITED STATES AGENCIES
DEBT OWNED BY THE PUBLIC
- Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion
- Office of Personnel Management Retirement - $873 billion
- Military Retirement Fund - $601 billion
- Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion
- All Other Retirement Funds - $187 billion
- Cash on Hand to Fund Federal Government Operations - $508 billion. (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities, December 2015)
Do you think we should screw these people over? And what would happen to our credit rating for the future?
- Foreign - $6.175 trillion
- Federal Reserve - $2.461 trillion
- Mutual Funds - $1.056 trillion
- State and Local Government, including their pension funds - $803 billion
- Private Pension Funds - $403 billion
- Banks - $515 billion
- Insurance Companies - $293 billion
- U.S. Savings Bonds - $174 billion
- Other (individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors) - $1.198 trillion. (Sources: Federal Reserve, Factors Affecting Reserve Balance, February 3, 2016. Treasury Bulletin, Ownership of Federal Securities, Table OFS-2, as of June 2015)
China can do whatever it wants with our bonds. We sold them to China, that's our own fault.
Source: The Real Owner of the U.S. Debt Will Surprise You
.
Who's got better credit than somebody with ZERO debt and hundreds of ICBMs? The pensions and SS/Medicare can easily be funded with new debt. All foreign debt is gone and we must do it before China can react militarily. The rest we can handle with tax revenue and tariffs that squeeze out foreign manufacturing; we'll make our own products again. And if the Fortune 500 hasn't moved their entire production back to US soil within 6 months, they can have their inventories seized as contraband and be banned from selling in the US for ten years.....they'll RUN back home. Then there's the matter of a Constitutionally mandated balanced budget and never again to run debt past $3T. This is RADICAL...the alternative is we become a third-world, crime-ridden collection of fifedoms and warlords.
Preposterous.
.
He'd default on the debt.......but then he'd sell you NEW debt to replace the old debt, see?
The Supply Side Fairy makes anything possible....
I knew you'd be in defense of the bankersYes! Fuck the bankers.We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
Yeah. And all those people on pensions. And all those savers. Durr.
I knew you'd be in defense of the bankersYes! Fuck the bankers.We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
Yeah. And all those people on pensions. And all those savers. Durr.
We can take over, stop paying interest and pay off the debt. Giving the federal reserve to private bankers was clearly a mistake.
Does your credit card company mind if you max out your credit card and only make the minimum payment each month? You're soooo stupid
We have to pay China back. But the bankers can keep their loot, continue to run their banks and stay out of jail.I knew you'd be in defense of the bankersYes! Fuck the bankers.We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
Yeah. And all those people on pensions. And all those savers. Durr.
We can take over, stop paying interest and pay off the debt. Giving the federal reserve to private bankers was clearly a mistake.
Does your credit card company mind if you max out your credit card and only make the minimum payment each month? You're soooo stupid
I knew you'd be in defense of the bankers
How many T-Bills are the evil bankers holding?
We can take over, stop paying interest and pay off the debt.
You were cheering the moronic OP that said default. Why the change of heart?
So you would just default on our loans. All the Americans who have their retirement funds in Treasuries, seniors living off interest, banks, pension funds and 401Ks and charities and life insurers and annuities, foreign countries who trusted us, on and on.Who do you think owns our debt?We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
DEBT OWNED BY UNITED STATES AGENCIES
DEBT OWNED BY THE PUBLIC
- Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion
- Office of Personnel Management Retirement - $873 billion
- Military Retirement Fund - $601 billion
- Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion
- All Other Retirement Funds - $187 billion
- Cash on Hand to Fund Federal Government Operations - $508 billion. (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities, December 2015)
Do you think we should screw these people over? And what would happen to our credit rating for the future?
- Foreign - $6.175 trillion
- Federal Reserve - $2.461 trillion
- Mutual Funds - $1.056 trillion
- State and Local Government, including their pension funds - $803 billion
- Private Pension Funds - $403 billion
- Banks - $515 billion
- Insurance Companies - $293 billion
- U.S. Savings Bonds - $174 billion
- Other (individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors) - $1.198 trillion. (Sources: Federal Reserve, Factors Affecting Reserve Balance, February 3, 2016. Treasury Bulletin, Ownership of Federal Securities, Table OFS-2, as of June 2015)
China can do whatever it wants with our bonds. We sold them to China, that's our own fault.
Source: The Real Owner of the U.S. Debt Will Surprise You
.
Who's got better credit than somebody with ZERO debt and hundreds of ICBMs? The pensions and SS/Medicare can easily be funded with new debt. All foreign debt is gone and we must do it before China can react militarily. The rest we can handle with tax revenue and tariffs that squeeze out foreign manufacturing; we'll make our own products again. And if the Fortune 500 hasn't moved their entire production back to US soil within 6 months, they can have their inventories seized as contraband and be banned from selling in the US for ten years.....they'll RUN back home. Then there's the matter of a Constitutionally mandated balanced budget and never again to run debt past $3T. This is RADICAL...the alternative is we become a third-world, crime-ridden collection of fifedoms and warlords.
Preposterous.
.
He'd default on the debt.......but then he'd sell you NEW debt to replace the old debt, see?
The Supply Side Fairy makes anything possible....
The Supply Side Fairy makes anything possible....
That's not Supply Side, that's something Bernie Sanders would do......
So you would just default on our loans. All the Americans who have their retirement funds in Treasuries, seniors living off interest, banks, pension funds and 401Ks and charities and life insurers and annuities, foreign countries who trusted us, on and on.Who do you think owns our debt?
DEBT OWNED BY UNITED STATES AGENCIES
DEBT OWNED BY THE PUBLIC
- Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion
- Office of Personnel Management Retirement - $873 billion
- Military Retirement Fund - $601 billion
- Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion
- All Other Retirement Funds - $187 billion
- Cash on Hand to Fund Federal Government Operations - $508 billion. (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities, December 2015)
Do you think we should screw these people over? And what would happen to our credit rating for the future?
- Foreign - $6.175 trillion
- Federal Reserve - $2.461 trillion
- Mutual Funds - $1.056 trillion
- State and Local Government, including their pension funds - $803 billion
- Private Pension Funds - $403 billion
- Banks - $515 billion
- Insurance Companies - $293 billion
- U.S. Savings Bonds - $174 billion
- Other (individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors) - $1.198 trillion. (Sources: Federal Reserve, Factors Affecting Reserve Balance, February 3, 2016. Treasury Bulletin, Ownership of Federal Securities, Table OFS-2, as of June 2015)
China can do whatever it wants with our bonds. We sold them to China, that's our own fault.
Source: The Real Owner of the U.S. Debt Will Surprise You
.
Who's got better credit than somebody with ZERO debt and hundreds of ICBMs? The pensions and SS/Medicare can easily be funded with new debt. All foreign debt is gone and we must do it before China can react militarily. The rest we can handle with tax revenue and tariffs that squeeze out foreign manufacturing; we'll make our own products again. And if the Fortune 500 hasn't moved their entire production back to US soil within 6 months, they can have their inventories seized as contraband and be banned from selling in the US for ten years.....they'll RUN back home. Then there's the matter of a Constitutionally mandated balanced budget and never again to run debt past $3T. This is RADICAL...the alternative is we become a third-world, crime-ridden collection of fifedoms and warlords.
Preposterous.
.
He'd default on the debt.......but then he'd sell you NEW debt to replace the old debt, see?
The Supply Side Fairy makes anything possible....
The Supply Side Fairy makes anything possible....
That's not Supply Side, that's something Bernie Sanders would do......
It's what two Supply Side Hucksters have already done......
We have to pay China back. But the bankers can keep their loot, continue to run their banks and stay out of jail.I knew you'd be in defense of the bankersYes! Fuck the bankers.We're currently at $19.3T under water with no end in sight. Some say the tipping point is $22T which should occur sometime in 2018. What would happen if we just said "screw it" and defaulted? For one thing, anybody holding Treasuries would be SOL...that includes our biggest debtor nation, China. China has been divesting itself of USTs in the last year knowing a default is on the horizon. And it is. At $22T we can no longer field an effective Military. At $22T the interest payment on the debt will swallow most of the funds used by various federal agencies, leaving us like Greece. So why wait until the magic number is reached?
What happens if the United States does not pay its public (national) debt of 18 trillion dollars? - Quora
Yeah. And all those people on pensions. And all those savers. Durr.
We can take over, stop paying interest and pay off the debt. Giving the federal reserve to private bankers was clearly a mistake.
Does your credit card company mind if you max out your credit card and only make the minimum payment each month? You're soooo stupid
I knew you'd be in defense of the bankers
How many T-Bills are the evil bankers holding?
We can take over, stop paying interest and pay off the debt.
You were cheering the moronic OP that said default. Why the change of heart?
Elizabeth Warren for vp
So you would just default on our loans. All the Americans who have their retirement funds in Treasuries, seniors living off interest, banks, pension funds and 401Ks and charities and life insurers and annuities, foreign countries who trusted us, on and on.Who's got better credit than somebody with ZERO debt and hundreds of ICBMs? The pensions and SS/Medicare can easily be funded with new debt. All foreign debt is gone and we must do it before China can react militarily. The rest we can handle with tax revenue and tariffs that squeeze out foreign manufacturing; we'll make our own products again. And if the Fortune 500 hasn't moved their entire production back to US soil within 6 months, they can have their inventories seized as contraband and be banned from selling in the US for ten years.....they'll RUN back home. Then there's the matter of a Constitutionally mandated balanced budget and never again to run debt past $3T. This is RADICAL...the alternative is we become a third-world, crime-ridden collection of fifedoms and warlords.
Preposterous.
.
He'd default on the debt.......but then he'd sell you NEW debt to replace the old debt, see?
The Supply Side Fairy makes anything possible....
The Supply Side Fairy makes anything possible....
That's not Supply Side, that's something Bernie Sanders would do......
It's what two Supply Side Hucksters have already done......
Which supply siders defaulted on the debt?
We have to pay China back. But the bankers can keep their loot, continue to run their banks and stay out of jail.I knew you'd be in defense of the bankersYes! Fuck the bankers.
Yeah. And all those people on pensions. And all those savers. Durr.
We can take over, stop paying interest and pay off the debt. Giving the federal reserve to private bankers was clearly a mistake.
Does your credit card company mind if you max out your credit card and only make the minimum payment each month? You're soooo stupid
I knew you'd be in defense of the bankers
How many T-Bills are the evil bankers holding?
We can take over, stop paying interest and pay off the debt.
You were cheering the moronic OP that said default. Why the change of heart?
Elizabeth Warren for vp
But the bankers can keep their loot,
Why wouldn't they?
continue to run their banks
Who should run them?
and stay out of jail.
If they broke the law, like the Dems who ran Freddie and Fannie, they should go to jail.
Elizabeth Warren for vp
Along with Alan Grayson, she's one of the most clueless in Congress.
Not a surprise you like her.
So you would just default on our loans. All the Americans who have their retirement funds in Treasuries, seniors living off interest, banks, pension funds and 401Ks and charities and life insurers and annuities, foreign countries who trusted us, on and on.
Preposterous.
.
He'd default on the debt.......but then he'd sell you NEW debt to replace the old debt, see?
The Supply Side Fairy makes anything possible....
The Supply Side Fairy makes anything possible....
That's not Supply Side, that's something Bernie Sanders would do......
It's what two Supply Side Hucksters have already done......
Which supply siders defaulted on the debt?
They didn't default.....they just left it to the Supply Side Fairy to pick up the tab.......which she failed to do...
