Posted on 09/22/2024 5:40:43 AM PDT by ChicagoConservative27
Simple—print more money until it is worthless paper—then pay off the debit with funny money and overseas investors get stuck with worthless paper. We will all be millionaires! mostly well off Billionaires! Its all just zeros on a piece of paper. The state will own all anyway in the new People’s Republic under President Harris. See you in the breadlines Comrade!
Bread lines? Your city has bread?
The debt is going to be cancelled.
If you are on the usury side, make sure your bags are packed.
If we go into hyper inflation nightmares those safeguards will be wiped out...
“The point isn’t (at this point at least) to stop the debt from growing but to slow its growth.”
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Correct, and one way to slow it down is to make drastic cuts in government spending through elimination of waste, redundancies, inefficiencies, and outright mismanagement.
Hundreds of billions right there. But it prolly won’t happen because DC is corrupt and there’s no political will to do it.
I slightly disagree with Dalio. When and IF grown men, accustomed to dealing in huge amounts of debt all day every day, get back in charge of the federal government, here are a few things that would/could happen:
1. All debts to the US government by SOME individuals and companies and SOME countries would be an offset to the debt. (meaning effectively that “recourse” against the federal government is wiped out; for example, a bank holding a student loan loses his federal government guarantee but can still go against the student that borrowed the money; same against countries and companies).
2. China’s huge debt to the US would be declared an offset and charged to China to be paid back in trade taxes over many years.
3. Like bankruptcy, “classes of debt” would be prioritized. For example, unsecured debt created/incurred by the US government for the Covid 19 give aways contained a high degree of fraud so that debt will be relegated to the lowest priority (effectively junk debt) than debt secured by.....say....... first liens on prime real estate.
4. Like bankruptcy, the federal government would be compelled to sell off certain assets.
5. What’s left would be financed over 30-100 years.
Anybody that has gone through a bankruptcy (I haven’t) would be familiar with the foregoing. When the time comes, a 2/3 majority in both houses and a willing president will have to create by legislation a special bankruptcy court for the US government. This will allow shifting of blame to the court and get the legislators off the hook. Once in bankruptcy court, and out of the hands of politicians, judgments will start to happen and some will be VERY painful to the debt holder and most assuredly to the American taxpayer. The goal will be to distribute the pain and not let any breathing American off the hook. To get to that point, Congress and the President have to relinguish control of debt liquidation to a bankruptcy court.
The CENTRAL question is will there ever be a moment in US History when grownups take control of the federal government again?
“Where is Congress in ail this?”
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Comfortably sitting in their offices, travelling around, vacuuming up campaign money, and enjoying the perks of power.
Its a nice gig for them.
This is the most enlightened reply on this thread. Fiat is a ponzi scheme, and the debt to the FED is built on it. It is mathematically impossible, in a schema of fractional-reserve banking, to pay off the debt - the debt is higher than the M2 supply to pay it. System is designed that way, because it was always designed as a slave-debt system. Most here might think slavery was abolished by Lincoln in the 1860's. No, the system of enslaving blacks was replaced over the ensuing years to enslave ALL of us, blacks, whites, etc.
Trump/MAGA does quite a bit, and part is to replace fiat with PM-backed new dollars. The $35T+much more will be wiped out. Be aware that IRS taxes do NOT pay for ANY federal program (Grace Commission). They are in place to "pay" the private FED interest on their money creation. Taxes also give the ***illusion*** that our taxes fund government.
I think that’s the reason there are attempts on Trump’s life. There are many agencies and groups that realize that Trump is going to try to cut off the big spending spigot.
That’s the thing. You really can’t hurt the rich. So if one of these schmucks has $10 million and bad policy causes inflation to eat 50% of their wealth, they still have $5 million. Is the lifestyle of a $10 millionaire really all that different than a $5 millionaire?
The Senior Citizens League predicts a 2.5% COLA for 2025. The COLA for 2024 was 3.2%.
Not even close to the real rates of inflation most people have to contend with.
It’s called Bitcoin and is used for currency in several countries including El Salvador.
We are Venezuela, intentionally betrayed by both sides of the aisle at the mandatory request of those who own them and us. Plan accordingly.
I was just thinking the same thing yesterday. The wealthy can easily endure paper losses on their financial assets. If they are properly diversified and have some real assets, they may even make money.
Thanks to an oversight in some obscure 1996 law, the United States Mint can legally produce platinum coins in any denomination. Congressional approval is not necessary. Evidently, the president need only give the order.
So as crazy as it sounds, there was talk of paying off the debt with trillion-dollar platinum coins. One proposed design:
https://en.wikipedia.org/wiki/Trillion-dollar_coin
It’s not designed to “reverse.” It’s designed to explode.
It’s not designed to “reverse.” It’s designed to explode.
The Great Reset.
True -- but we will likely be the first to go at this rate.
Even if the self-serving politicians decided to "fix" this little problem, there is not much they can do. It's a problem with no good solution. In other words, we can do nothing or attempt some off-the-wall fix, and the results will be the same — a disaster as bad as anything the country has ever faced.
So much for human intellect!
History may not repeat -- but it sure rhymes. This is one of the primary reasons for the eastern Roman empire's collapse, along with rot from the inside and disastrous and corrupt leaders, all of which contributed to a failed ability to protect themselves from invaders. And both of our choices for so-called leaders in November will make this financial problem worse.
"There is nothing new under the sun" and "nothing lasts forever (including us)."
DOES THIS SOUND FAMILIAR?
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