[Yet_Again]

It is not even close to being the same as an outright default. Currency weakens and strengthens, defaut is the end game and not reversable.

Sort of like the difference between smoking and drinking heavily for 40 years and putting a bullet through your head I suppose. At some point, devaluation is irreversible, as the "full faith and credit of the United States government" has no meaning.

[101voodoo]

What do you suppose would be the result of all governments everywhere (that matter) freezing spending at current levels for say 10 years? This would mean ALL gov’t expenditures (at all levels of government) including salaries would remain unchanged for that period of time.

Seems as if this would go a long way to reducing the deficits down the road. There could be no more new spending permitted unless it was offset dollar for dollar by a cut in spending elsewhere.

If at the same time this was instituted, term limits were also put into place I believe real progress could be made. With the sure knowledge they would only be serving one term, politicians would not be promising “free stuff” to the voters in exchange for their vote and perhaps then they would do what’s right for the country instead of what’s right for themselves.

[101voodoo]

What do you suppose would be the result of all governments everywhere (that matter) freezing spending at current levels for say 10 years? This would mean ALL gov’t expenditures (at all levels of government) including salaries would remain unchanged for that period of time.

Seems as if this would go a long way to reducing the deficits down the road. There could be no more new spending permitted unless it was offset dollar for dollar by a cut in spending elsewhere.

If at the same time this was instituted, term limits were also put into place I believe real progress could be made. With the sure knowledge they would only be serving one term, politicians would not be promising “free stuff” to the voters in exchange for their vote and perhaps then they would do what’s right for the country instead of what’s right for themselves.