“Wipe the debt”
And with it, banks fail, insurance companies fail, pension funds fail, all kinds of companies fail, mutual funds are massacred, and that is just a start.
Hard to comprehend all that would happen.
True. But that may be the lesser of two evils. There is going to be lots of pain, no matter what.
They have been kicking the can down the road a lot longer than most could imagine. But that day is coming when it simply hits the end. When the music stops, it’s going to hurt everyone. Everywhere.
Most of our debt is on the books of the federal reserve. Maybe a third overseas and the rest by individuals and pension companies. First order of business should be to abolish the SS debt about 10t and pay benefits out of general funds. If nothing else it removes the interest payment sham off the budget. Next up for anyone on a g pension under 65, cut it in half and remove the inflation index adjustment for all. Next up get the budget balanced. First step some kind of flat tax with zero credits. If the budget is 6t we need 6t. Set the rate accordingly. Lastly execute anyone coming up with a new spending program.