Posted on 04/22/2015 2:11:51 PM PDT by concernedcitizen76
Just out of idle curiosity...what would happen if the U.S. just wrote off their debt and stated that we didn’t owe anybody anything???
I was thinking that the collapse will be on the order of the collapse of the Roman Empire.
“Don’t worry about the debt anymore.”
Dr. Strangemoney... or How I Learned to Stop Worrying and Love the Debt
Most New Yorkers thought the WTC was hideous and ruined the skyline.
Don't get me wrong - I favored rebuilding two perfect copies of WTC North and South towers - one set in Riyadh, the other in Islamabad.
But don't overdo the praise for two ugly aluminum boxes.
“...what would happen if the U.S. just wrote off their debt and stated that we didn’t owe anybody anything?”
I have been thinking along this line for sometime. The Banksters, i.e. Federal Reserve created this debt, let them, the Banksters eat it. Dissolve the Fed in the process, and control of the money reverts to the Treasury, where it belongs constitutionally.
it’s in the eye of the beholder. I stood under them in awe every time I went to work for two years.
The new building looks like a needle
Great question. It would be catastrophic on many fronts. A repudiation of US debt would totally crash the global financial system and throw the world into chaos. This especially so because, since Bretton Woods, the USD is recognized as the world reserve currency for international trade and payments. There is change happening on this front as BRICS flex muscle. Many commodities like oil, copper, cocoa, wheat, iron, cotton, corn etc. are priced in USD. Much international trade is therefore conducted in dollars for convenience.
The ‘Federal Reserve’ is a private banking cartel. When an elected pr4esident tries to switch the nation over to treasury issued money not compiled through debt to the private banking cartel, that president is assassinated.
Outstanding! Can we do it tomorrow?
LOL! It’s like the doctor who says to his patient, you can either have all the pain now in one visit or parse it out over many visits with the same result.
Most people don’t understand that debt has become our “money”. I’m having a little trouble talking about this in a simple way, so people (like my children) can understand it.
We are going through paying off credit cards (I know, I know). Every time I drop the balances by several thousand, they mail, they call, they send overnight letters about “special offers” to “increase my spending power”. They’re like HAL talking to Dave in Space Odyssey.
The Federal situation is like that times a billion. The money is no good, so “cutting the spending” OR “leaving our children burdened with debt” are both (almost) meaningless concepts.
Unless and until we have real, constitutional money (so, for example, if I have a dollar someone else doesn’t have it), paying off debt just entails more debt. And it’s gone way, WAY beyond the Federal Reserve. The Fed has outsourced money creation to Goldman Sachs, Bank of America, Citigroup, JP Morgan Chase, etc.
Every time the economy grows, they book OUR debts as THEIR assets. “Paying off the debt” is not possible, and if it were, it would threaten the money center banks with failure.
The debt WILL be renounced, as long as voting is permitted. It’s only a question of when, and if Congress will resume its Constitutional function “to coin money, and regulate the value thereof”.
And if a return to real money “crashes the global financial system”, as cc76 fears, GOOD. I only hope I live to see it.
BTTT
“Unfunded just means we don’t have to pay for it.” -Washington DC
Well, you and I may live long enough to see the government give China, etc. federal lands to cancel IOUs the federal reserve holds, but cancelling the debt is a fantasy that has preceded every major world war. The oligarchy have a plan now in place for what the planet will look like AFTER the war they are planning and the accompanying collapse of the American Republic. Check out those videos I linked to ... especially the one with Patrick Woods on the Technocrats (Bzrezinskyism).
Not to be disrespectful in any way, born in the Bronx and still have family in NYC (the Village, etc) but the towers always made me think of kit kats. My cousin saw the plane and knew it was too low. Another cousin who worked in the building was in Denver that day.
But they can make it not worth your while to pay in cash. Close branches, make you drive well more than $20 worth to pay a $20 debt, etc. Very little money movement is cash, but handling cash is very expensive; the novel Killing Floor (Jack Reacher #1) has a great explanation.
that was one of the funniest things I ever read. Kit Kat :) .glad your cousin was away!!!
Some say that is why JFK was assassinated in 1963. He was planning to change the Fed Reserve.
That isn’t really debt - just a huge pile of political promises that will never be kept.
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