Posted on 06/28/2021 3:25:12 PM PDT by Jonty30
Now, do understand, I realize that we cannot drop the dollar with the garbage politicians that we have in office. Inflation would go Venezuela and everybody would suffer. I totally understand that we cannot do that at all. So, I realize that we can't do this, so I don't want to discuss about how our politicians cannot be trusted and all that, because I know that.
However, my thought is what if we cleaned up the deficit financing and dropped the dollar to pay a bunch of debt back. Then we tightened up the federal financial policy until the dollar recovered and we dropped it again at some point to make another large payment on the debt.
Could the debt be paid off this way theoretically?
I’m in agreement with you. Tariff goods coming into the country and give large tax deductions for corporations who are investing in the country.
Like 1950’s all over again. That may be where we should go.
The patriotic course is refusing to pay the debt to punish people who funded a tyrannical government.
National Debt is paid off by:
Paying it
Default
War (and default)
Inflation
A lamp post decorating party coast-to-coast would be a more effective approach to rein in runaway spending.
What you’re describing is effectively a default on U.S. debt. It would not have a good outcome for us.
Nobody can disappear completely - children can’t resist their social media.
Ah, more Simon Parkes?
More disinformation. You keep posting it - you keep getting called out for doing so.
The status of the US dollar as a reserve currency would be completely destroyed, and the dollar would then totally collapse and the inflation would make the Weimar episode look like a pleasant afternoon.
That will happen anyway.
It has already been done. The problem is all the other fiat currencies aren’t worth crap either.
I think it is like trying to recover your virginity.
Perhaps one could default on bonds held by the Chinese. but you could only do it once and it would likely lead to war.
Better wild idea: Renege on all treasury debt to foreign holders.
Just say, “You know what? We’ll never be able to repay you. Here’s two cents on the dollar. Take it or leave it.
Plain old iceberg lettuce was $3.00 a head here yesterday. Dollar value is dropping.
They've already had this idea for hundreds of years. This idea was big just a couple of years back. Borrow from China, Saudi Arabia, Japan, Korea, then pay it back with dollars down 10%-30%. This is why China wants the world off the Dollar as reserve currency.
The more I see of you and yer boy Biden the more I think it might be true. 😆
A very long time ago (circa 1980), I heard Dr. Milton Friedman answer this question after a lecture.
In less than the blink of an eye he said if that worked, Argentina would be the world’s leading exporter.
The old guy was so quick!
Interesting question. I’ll wait to see what the answers are.
Not if the world bank decides that we repay in Euros or Yuan.
All the really bad facts and figures with regard to the economic and financial situation in this country are obscured so as to avoid the people responsible being held accountable. My guess is they all have estates abroad as well as assets offshore.
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