We actually own most of our debt, not China. A common misperception. So just forgive our own debt.
“We actually own most of our debt, not China. A common misperception. So just forgive our own debt.”
We?
"We" means the individual citizens and businesses of the country while "our" means the parasites in Washington. If those bonds are "forgiven" (i.e. stolen by the government), expect some very, very rough times.
Every bank's reserves in treasury bonds immediately become worthless. I hope you are the one in the front of the line for the bank run when the news hits.
How about your insurance company's investments? That life insurance you've put money into for your entire life? Gone instantly, or at least greatly reduced in value. And the reserves for car and property insurance disappear too, so you better hope that it isn't a bad year for disasters if you wreck your car.
Have bonds in your retirement account or even some savings bonds in your bedroom drawer? You better hope that WalMart can use you as a greeter when you hit seventy.