Posted on 10/12/2013 6:39:14 PM PDT by GodAndCountryFirst
Agree. If we default, it will be because we chose to pay the takers instead of our debt holders.
The Chinese economy is no more a house of cards than we are.
Do you realize that our government borrowed $50k for every household in the U.S. this last year? Talk about a house of cards...
There. All better.
Our economy is a huge house of cards.
The Chinese economy is built on our house of cards.
Turn on AMC right now. Consider that the zombies are EBT cardholders. That is the “positive outcome” story.
China is in worse shape than us. Who do you think makes all of the stuff we are not buying.
If the bond market collapses, several trillion of our bond dollars will be dumped on the market. Price goes down, effective rate goes up.
We pay the interest and”other” obligations, the spigot for a lot of other programs stop cold turkey. Look around, we don’t want to do that.
We need to turn this ship around. Running into the rocks is not a better option.
“China is in worse shape than us. “
I don’t agree. China is use to having nothing and their people don’t share in their apparent growth anyway.
Here the people have been conditioned to depend on our system and it will be a bigger problem for us if it collapses.
No, they don’t. They are in the position of a) needing our into terser payments and b) needing us to be very healthy consumers of their stuff or they fold.
I agree with your second point. I respectfully disagree with your first. In the countryside you are correct. But the cities have a growing middle class. Not OUR style of middle class, but one of their own.
We do indeed take in enough to make debt payments.
But we’re not taking in enough to pay Social Security AND Medicare AND military pay AND farm subsidies AND disaster relief ... AND ... AND ...
It’s all the AND payments that cause the problems.
I don’t like federal borrowing even a little bit. I’ve got to balance my checkbook and the feds should too. And in my humble opinion there is no reason to run a deficit in peacetime. None.
But run them we no. Some drastic budgeting is needed but the Washington Incompetence Corps simply isn’t up to the job. We need to fire every damn one of those crooked jerks and get somebody in there who has a spine and knows which end of a pencil to use while drawing up a budget.
Not increasing the debt limit does not mean defaulting on US debt. We only default if Treasure chooses to default. This is because at this time incoming revenue is about 10 time the interest on the debt. Or so I am told.
You clearly have no idea how complex global markets work.
Any default, any missed payment, is a disaster for this nation.
If I don’t see a deal by Tuesday, I am pulling the cash out of my bank and getting the gold out of my lockbox and heading for the hills. It will be that serious
Might be a good time to demand China renegotiate the terms.
I doubt the military who serve in the middle east think we are living in "peacetime." And considering the budget to continue our war on terror, this country is not at peace.
Germany canceled it’s national debt and got away with it, why can’t we?
OUR bills? Or those illegally run up by FEDZILLA? “The country” is the collection of sovereign states. Fedzilla is the creation of 100+ years of communist influence. SHUT IT DOWN!
This is a republic. Our leaders are elected by us. Their decisions are our decisions. Be an adult and acknowledge reality.
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