Time to Start Talking About America's Coming Bankruptcy

Townhall.com ^ | March 5, 2021 | Neil Patel

[Lockbox]

If no one will loan money to the USA government, then the government needs to live with only taxes. We control that with controlling who we elect. About 50% of the spending is borrowed. The budget would be cut in half. Also I would imagine may of the current people who run for Congress would not run due to the reduced spending available to steal.

The fiscal year (FY) 2020 federal budget outlines U.S. government revenue and spending from Oct. 1, 2019, through Sept. 30, 2020. Revenue was $3.42 trillion, less than the $6.55 trillion in spending, creating a record $3.13 trillion deficit.

https://www.thebalance.com/fy-2020-federal-budget-summary-of-revenue-and-spending-4797868

The alternative is massive inflation making the dollar worthless. Thus one of two options, don’t pay or inflate dollars effectively not paying because the money would have no value. Please also advise which country will come to our rescue like we do for so many other countries. Any which may such as China would extract a high price for help.

So thanks to the political class, they have put us in this situation. So don’t be upset with me, come up with a third option if you can. With the government borrowing 50% of what it spends every year, we don’t have long. Imagine you spent 50% more then you earned, how long could you continue to operate with such a house of cards?

[LouAvul]

They don’t. But it cancels out all our debt. Then we bill the chinks for the damage we sustained from covid.

[rbg81]

How about the Eastern ones?

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As I said, Japan is in worse shape than us in terms of debt. I think SK and Taiwan are in good shape.

China — who knows? They cook their books so much, I doubt anyone knows what is going on there. And I certainly do not claim to.

[Seruzawa]

When did a communist country ever pay any6thing?

[delta7]

“
Exactly. Being tied to a few financial heads, has anyone noticed the huge, historic silver and gold rush occurring. Last year , the US imported 55 billion in gold and silver to meet the demand. 2021 figures show 27 billion ”

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Thanks for your dollar to ounce conversion. Let there be no mistake, such an historic PM surge in buying/ importing is signaling a huge financial event. Lots of “ opinions “ out there, paper markets, equities, bonds, all still being pumped up, however when the music stops, there will be no chairs to sit in. My warning to all, trade your FRN’s for PMs, something you can hold in your hands.

[The Duke]

Any geographic area that produce their own money will prosper. All others will suffer. I’ve put a lot of thought and research into this, and written a book that devotes a chapter to the subject.

[Elsie]

Then we bill the chinks for the damage we sustained from covid.

How do we make them pay?

[Elsie]

Any geographic area that produce their own money will prosper.

How would that area's money have value?

[LouAvul]

Simple. We cancel all our debt to them. Confiscate all the property they’ve bought over here.

[The Duke]

How would that area's money have value?

One unit of the currency would be the minimum you could pay anyone for one hour of work. So, basically the unit would be the "minimum wage".

This works nicely because the one thing all geographic areas share is labor.

[Elsie]

One unit of the currency would be the minimum you could pay anyone for one hour of work.

This might make sense to the floor sweeper; but the brain surgeon may balk.

[The Duke]

Does the brain surgeon get paid minimum wage in today’s world? I don’t think so.

[cuban leaf]

Then what?

[Elsie]

The use of the word ANYone made me think that ALL would be paid the same for one hour of work.

I guess I do not understand which 'anyone' would set the standard.

[Red Badger]

LOL!.............................