There are literally hundreds of examples throughout history of countries going broke due to deficits and lose fiscal policies.
Or do you think America is somehow special in regards to mathematics?
“Country will never be broke”
You’re dumb. Shut up.
Who’s going to pay the interest?
You need to read... This Time Is Different: Eight Centuries of Financial Folly by Kenneth S. Rogoff and Carmen M. Reinhart
Technically you are correct. Because our debt is denominated in USD, we can print as much as we need. But other entities who buy our bonds may decide not to if they see us as essentially inflating our way out of debt. The problem with money printing is that the law of supply and demand still applies. The more you have of something, the less it’s worth. We are risking a severe inflation. Right now the only thing I am buying is gold.
Wow, you and others are really that naive?
Currently about 25% of nations tax revenue goes to pay just the interest on our national debt. Considering how low interest rates are, that’s very worrisome.
The more we borrow as a nation, the higher the interest we pay. And that principal??
It’s not any different than your personal finances. So in that line, it matters not how much money you borrow as long as you can service the interest?
Heaven help us, nobody seems to care anymore about a balanced budget or a plan to reduce the National debt.
There are people living today that will probably experience this and all other nations bankruptcy
-28 yr veteran of finance.
The deficit was always a concern. Especially for Republicans in the mid-20th century. National bankruptcies have occurred elsewhere. They can be disastrous. State bankruptcies have happened here. Please try to learn more about economics and history before you post on topics like this.
Keep’em coming!
That is espousing MMT.
The author good company with the “Squad.”
Is that really where we want to be? Because is unlimited debt is going to be a thing, I am going to go buy a new truck. I really, really want one. //s
Why would auditing a financial institution that is accountable to the public for its actions be considered “crackpot”?
How messed up does your brain have to be to associate fiduciary due diligence with crackpottery? Are you a brainwashing victim?
We do not need a debt money system, we can print or coin sovereign money like our Constitution demands.
Now, could we collapse based on this? Yes, but when? It depends and nobody knows when. The whole worth of this economy; land with natural resources, businesses, infrastructure etc. is much higher than the value of the national debt.
Is the gold standard the only way to value money? I don't believe so, gold is simply an element that we put faith in since it is limited and of intrinsic value. One massive gold strike or if asteroid mining ever becomes feasible and we get an asteroid with a lot of easily recoverable gold and the price could plummet overnight. We could decide to put faith in lead or, what the government has decided to use as a replacement for gold is the value of the economy. When you look at some of these apocalyptic movies you see that when economies collapse people put value in things that satisfy their base (Maslow's hierarchy) needs. And even though they are movies I believe there is some truth to that. And gold isn't likely to be of great value then - but that is my opinion.
Eventually we will run out of other people’s money.
I stopped worrying about the debt when I realized it wasn’t going to be our country for much longer.
Simply stopping the flow won’t be enough.
We already have 30 million fraudulently documented foreigners here and nobody is going to make them leave.
People with savings in "dollars" see them eroded week by week. The New York Times cost five cents when I left for college in 1964. Now it's $2.50. Money is supposed to be, among other things, a store of value. That's something those stupid gold bugs understand, along with every honest economist in the world. You could do worse than to read John Kenneth Galbraith's Money. But my personal recommendation is Irwin Schiff's The Biggest Con.
ML/NJ
I don’t believe we should audit the Federal Reserve. Just shut it down completely.
So, how did the former Soviet Union, Cuba, North Korea, and Venezuela get into such bad shape?
It is the heart of Globalism.
This chart goes even higher in the pyramid.
There are secret organizations above this, the Committee of 300 and the Council of 13.
I know, "conspiracy" stuff that should be in novels.
But it's true.
We had our national debt paid off in 1835-1836,yet the Great Depression of 1837-1844 still happened.
From 1920-1930 the Federal Government ran a surplus for 11 straight years while paying down debt from WW1. It didn’t stop the Great Depression of 1929-1941 from occurring.
National debt hawks, like getting their asses kicked in American elections.(see Congressional Elections from 1932-1994)