We heard the same thing about Iceland, which is now one of the happiest and most peaceful places in the world.
Renouncing unpayable debt is not suicide, because its the banks that die, not the debtors.
People, including many here, have accepted that national survival equals survival - no, profitability - of the money center banks, when it is those banks (in their present unconstitutional role) that are a major threat to that survival.
Money systems end all the time. Ours is terminally ill.
As soon as it dies, we can start to get well again.
“We heard the same thing about Iceland, which is now one of the happiest and most peaceful places in the world.
Renouncing unpayable debt is not suicide, because its the banks that die, not the debtors.”
But Iceland is does not hold the world’s trading currency, we do. So if we were to default, it would be catastrophic to the world’s economy and ours.
We will not default, and we will control interest rates by buying up our own debt by the Fed. Devalues the dollar, but the Fed can play that game for a long time.
Question is whether the population at large is productive enough to make good after hitting the debt reset button, or whether a net negative productivity will just drive ‘em back down the hole again.
Getting conned into being liable for someone else’s financial mistakes is one thing.
Being that someone else is different.
I submit that it results in both the banks’ and the country’s suicide. When we don’t pay our debts, the dollar suddenly loses its worth, just as if we had paid the debts off with newly-printed money.
I also agree, I think the only thing we can do is just default and bankruptcy and rebuild from there, that’s how far out of control we are. I know some brought up dire consequences in doing this but IMHO, we are past the point of no return, the red fuel light in the cockpit came on and we just have to fly on to our destination.