National debt: $18T and counting

[EdwardBaiamonte]

. If for some reason, people make run on a bank, and bank don't have enough money to pay out, it can collapse. Thats where Fed steps in.

dear, do you think you are the only monkey who can read about what the Fed does?

 

[Ame®icano]

. If for some reason, people make run on a bank, and bank don't have enough money to pay out, it can collapse. Thats where Fed steps in.

dear, do you think you are the only monkey who can read about what the Fed does?

You're here, so obviously, I am not.

 

[regent]

America began in debt and has only paid it off once; that was under a Democratic president. The result of the pay-off: it caused a depression.

only a total liberal illiterate idiot would say paying off debt caused a depression. See why we are 100% positive that liberalism is based in pure Nazi-like ignorance and arrogance.

Panic of 1837

 

[rdean]

Imagine if the Iraq war and the Bush tax cuts had never happened. If Republicans hadn't used reconciliation three times.

 

[ScienceRocks]

. If for some reason, people make run on a bank, and bank don't have enough money to pay out, it can collapse. Thats where Fed steps in.

dear, do you think you are the only monkey who can read about what the Fed does?

Name one country that doesn't help its economy??? Libertrianism is what is wrong.

 

[rdean]

. If for some reason, people make run on a bank, and bank don't have enough money to pay out, it can collapse. Thats where Fed steps in.

dear, do you think you are the only monkey who can read about what the Fed does?

Name one country that doesn't help its economy??? Libertrianism is what is wrong.

You said: Name one country that doesn't help its economy???

This country when Republicans are in charge.

 

[TakeAStepBack]

. If for some reason, people make run on a bank, and bank don't have enough money to pay out, it can collapse. Thats where Fed steps in.

dear, do you think you are the only monkey who can read about what the Fed does?

Name one country that doesn't help its economy??? Libertrianism is what is wrong.

Yeah something no one is practicing anywhere is to blame for central planning measures....

 

[TakeAStepBack]

America began in debt and has only paid it off once; that was under a Democratic president. The result of the pay-off: it caused a depression.

only a total liberal illiterate idiot would say paying off debt caused a depression. See why we are 100% positive that liberalism is based in pure Nazi-like ignorance and arrogance.

Panic of 1837

The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame.[1][2] On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value.

Panic of 1837 - Wikipedia the free encyclopedia

Another illiterate maroon.

 

[regent]

America began in debt and has only paid it off once; that was under a Democratic president. The result of the pay-off: it caused a depression.

only a total liberal illiterate idiot would say paying off debt caused a depression. See why we are 100% positive that liberalism is based in pure Nazi-like ignorance and arrogance.

Panic of 1837

The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame.[1][2] On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value.

Panic of 1837 - Wikipedia the free encyclopedia

Another illiterate maroon.

There are so many causes given for the 1837 depression that it's multiple choice, but it begins with that money surplus left over from the debt payoff given to the states and then the specie circular.

 

[Procrustes Stretched]

Our national debt surpasses $18 trillion. Debt Clock

Almost one third of the debt is held in Intragovernmental Holdings, around $5 trillion.
Remaining two thirds are held by public, and that's around $13 trillion.

US debt is rising regardless who is in power. The only difference is who cries about it. When D's are in power, R's are decrying the national debt, while D's saying it doesn't matter. And vice versa. It's hilarious.

Since 1933 when begin the end of gold standard, US government operates in fiat currency back only by the full faith and credit of the U.S. government. It's generally accepted that the U.S. government will "never" default on its loan obligations. Since our monetary system is created out of debt, not all debt is considered a bad thing.

So, how good or bad is our national debt?

America was built on debt

true story

 

[Procrustes Stretched]

National Debt Graph by President

Why this matters
Supply-side economics is outrageously dishonest. The supply-siders didn’t even mind conning their own man Reagan. The tax-cut “theory” only actually applied to the rich. So the plan was to cut tax rates for the rich in half, which they did. To get this through they had to cut taxes for the middle class some too, but they counted on inflation pushing the middle class back into higher tax brackets. But cutting the top bracket had a permanent effect because there is no higher bracket to get pushed into.

So not only was cutting taxes to raise money crazy, it was just a deception to cut taxes for the richest and then use the deficits to force cuts in services for the middle class and the poor. The Republicans have almost all gone over to the supply side now, and many, like Reagan, have been brainwashed into believing it. G.W. Bush claimed he would “retire nearly $1 trillion in debt over the next four years. This will be the largest debt reduction ever achieved by any nation at any time.” I think he actually believed that.

When the Voodoo started, that’s exactly when the debt went out of control.​

 

[Procrustes Stretched]

 

[Ame®icano]

So Fed is borrowing money to banks and make profit by doing so. Should Fed make profit?

Last Friday they released annual income report that says: central bank will transfer approximately $98.7 billion to the U.S. Treasury. They kept some $17 billion to cover operating cost, dividends, etc. That is news.

While this is not bad news for Treasury, I don't think Fed job is to earn money. Bottom line, it doesn't fucking matter how much they profit. We pay income tax because they exist. They lend us currency at debt and confiscate real wealth to pay the balance on it. That was opinion.

 

[Procrustes Stretched]

So Fed is borrowing money to banks and make profit by doing so. Should Fed make profit?

Last Friday they released annual income report that says: central bank will transfer approximately $98.7 billion to the U.S. Treasury. They kept some $17 billion to cover operating cost, dividends, etc. That is news.

While this is not bad news for Treasury, I don't think Fed job is to earn money. Bottom line, it doesn't fucking matter how much they profit. We pay income tax because they exist. They lend us currency at debt and confiscate real wealth to pay the balance on it. That was opinion.

here we go again

 

[Procrustes Stretched]

Board of Governors of the Federal Reserve System

 

[Ame®icano]

So Fed is borrowing money to banks and make profit by doing so. Should Fed make profit?

Last Friday they released annual income report that says: central bank will transfer approximately $98.7 billion to the U.S. Treasury. They kept some $17 billion to cover operating cost, dividends, etc. That is news.

While this is not bad news for Treasury, I don't think Fed job is to earn money. Bottom line, it doesn't fucking matter how much they profit. We pay income tax because they exist. They lend us currency at debt and confiscate real wealth to pay the balance on it. That was opinion.

here we go again

What seems to be a problem?

 

[ScienceRocks]

If America hopes to compete with the rest of the first world. Maybe we should fix our real problem and forget slashing and burning science, infrastructure, r&d and throwing our people to the wolfs?

 

[EdwardBaiamonte]

Panic of 1837

what about it???

 

[EdwardBaiamonte]

. We pay income tax because they [Fed}exist.

and without Fed no income tax???

 

[EdwardBaiamonte]

. If for some reason, people make run on a bank, and bank don't have enough money to pay out, it can collapse. Thats where Fed steps in.

dear, do you think you are the only monkey who can read about what the Fed does?

Name one country that doesn't help its economy??? Libertrianism is what is wrong.

Yeah something no one is practicing anywhere is to blame for central planning measures....

no he's right.It seems that many libertarians would let a million small businesses collapse rather than temporarily bailout one large bank in NYC. Conservatives would preserve capitalism.