Democrats push to eliminate the debt ceiling, allow unlimited government borrowing.

Fox News ^ | 1.23.2023 | Peter Kasperowicz

[Carriage Hill]

Dozens of House Democrats have proposed legislation that would eliminate the debt ceiling, which would allow the government to borrow without any limit set by Congress. The federal government hit the $31.381 trillion debt ceiling last week, and House Republicans are pushing for commitments to cut back on the record growth in federal spending before agreeing to allow more borrowing. But Democrats accuse Republicans of setting up the possibility of prohibiting a debt ceiling hike, which would make the government unable to fund all of its current obligations.

[frnewsjunkie]

Ya can think with sense.
Ya can think with no sense.
Outcome would not be the same.

[cuz1961]

Why not just adopt Monopoly money as the official currency.

/\

We did.
In 1913

And we have to pay principle and interest

in

monopoly money.

and the only place to get that is by borrowing it from the fedres.

THAT is the con.

That IS the con.

It could/can not ever be repaid.

[Max in Utah]

Sometimes on a Saturday my mother would give my brother and me each a 50 cent silver coin, either a Liberty or a Franklin half dollar. We'd walk into town and have a ball. See the kids' matinee, candy bar, hamburger, coke, maybe even a comic book.

Matinee -- 14¢
Candy bar -- 5¢
Hamburger -- 19¢
Coke -- 5¢
Comic book -- 10¢

Hmm, total came to $0.53. Must have been Bargain Day at the theatre when you had money left for a comic book!

I was a "rich kid", got a dollar allowance every Saturday morning. Sometimes Dad would take me with him when he had to go downtown. If he stopped to talk with someone on the street I'd stand there and fidget until Dad would tell the man, "Well, guess we'd better go, my boy's got a dollar and it's burning a hole in his pocket."

[Eleutheria5]

It wasn’t quite Monopoly Money until 1972, when President Nixon took the Dollar off the gold standard.

[cuz1961]

It wasn’t quite Monopoly Money until 1972, when President Nixon took the Dollar off the gold standard

/\

I respectfully disagree.

Since 1913 you could not use gold to pay back the FedRes.

You could sell your gold for FedRes notes and pay back the FedRes but that’s not the same thing .

All FedRes notes are/is fiat.

All fiat is monopoly money.

.

[Eleutheria5]

Well, I’m no economist, and an amateur historian at best. But imho and fwiw, Nixon did put the final nail in the coffin of the dollar. The process started in 1913, or perhaps earlier. Maybe shortly after the founding with the controversy over continental bond speculation. Governments want to spend money with a lot of zeros after the one, and the urge is irresistible. Never mind what it does to people’s purchasing power. Zeros. Lots of zeros. Right now, I’d be looking to hold some real gold if I could. Not futures. Bullion. And canned goods.

[Texan4Life]

You cut back on stuff. You haven’t spent the money yet. Now times are hard. So, you cut back. It’s really a simple concept. You establish a priority of payments: Bonds, SS & Medicare, etc. The least important stuff gets cut. How much more simple can it be?

[Elsie]

Nope.

https://charlottewhistonillustration.blogspot.com/2011/11/cildo-meireless-zero-dollar-bill.html

[Elsie]

But I have a couple of pieces of old paper that says I can walk into a bank and receive ‘lawful’ money in trade for them.

Has my government moved the goalposts??

[Elsie]

But you’ll pi$$ off a LOT of ‘voters’ that you are buying with the money that gets cut.

Can’t have that, there’d be riots in the streets.

Oh... wait...

[agere_contra]

The debt ceiling is part of the reason why SA is leaving the dollar standard.

Seriously: buy silver and gold.

Both in hold-in-your-hand form and also in private bailment vaults where you can withdraw metal.

Avoid ETFS and buying gold through a bank

[Carriage Hill]

“Seriously: buy silver and gold.”

I’m conflicted. If I’m holding gold & silver, how do I use it to make purchases, at stores? Slice-off a piece to buy food? If I take it to the store, will they have a scale to weigh-out the sliver of gold/silver for the goods I purchase? Do it in gold/silver coins? Gold/silver markets are up and down all the time, too.

Any thoughts? Am I overplaying this?

[Eleutheria5]

Somebody’s government, a few generations ago.

[agere_contra]

While fiat currency endures, you can convert some of it and make purchases with it. This is Greshams law in operation: use the Govt’s bad money instead of your good money

When fiat currency fails, you will be able to convert to the next fiat. This is also Greshams law in operation: use the Govt’s slightly less bad money instead of your good money

And if the nation suprises us both and moves to digital transfer of ownership of precious metals (e..g transferring ownership of a mg of silver by swiping a card) then you are well set up for that by actually owning some Gold and Silver.

Hope this was helpful.

[Carriage Hill]

Many thanks. I’ll sure consider it.

[agere_contra]

One obvious way to reduce risk is to store metals with multiple bailment vaults.

Of the ones that I use, BullionVault has been the easiest to move money into and out of, and is probably a good 'starter'.

[Carriage Hill]

So, you don't have actual physical possession of the PMs? If THSTF, how would you get access to it? On paper only? But not actual *possession* if the electric grid suffered an EMP, or they overnight converted to digital currency?