We are truly one more stolen election away from experiencing in real time the irreversible and rapidly accelerating fall of our Great American Republic. One election.
It’s mathematical. Once debt payments consume the budget, there is no other option than default.
I suppose Feeble Joe could just “erase” the debt, no?
(Think of all the bodies that would cause from a top-down order from the worldwide deep state.)
We are at about a 1945 debt/GDP ratio.
The WW2 debt was dealt with by high taxation.
Who didn’t know that we are headed for financial collapse?
Actually, many people aren’t paying attention, so there is that.
This is all Cloward-Piven strategy to destroy the USA. I just keep hoping and praying that I can die a natural death before the collapse. I am lucky. I have a good chance, at my age.
20 years ..
20 years...86K Agents
🌑
The U.S. effectively defaults on its debt when it pays out interest rates on its debt that are lower than the real rate of inflation (i.e., not the official published rate).
“Between October 1940 and 1973 the UK had a consumption tax called Purchase Tax, which was levied at different rates depending on goods’ luxuriousness. Purchase Tax was applied to the wholesale price, initially at a rate of 33⅓ %. This was doubled in April 1942 to 66⅔ %, and further increased in April 1943 to a rate of 100%, before reverting in April 1946 to 33⅓ % again. Unlike VAT, Purchase Tax was applied at the point of manufacture and distribution, not at the point of sale. The rate of Purchase Tax at the start of 1973, when it gave way to VAT, was 25%. On 1 January 1973 the UK joined the European Economic Community and as a consequence Purchase Tax was replaced by Value Added Tax on 1 April 1973. The Conservative Chancellor Anthony Barber set a single VAT rate (10%) on most goods and services.”
https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom
Nixon started it when he separated the dollar from gold. It’s just taken longer to collapse than a lot of experts thought. As one of them said, “I just didn’t realize how far down the road they could kick that can.”
America is bankrupt many times over and collapsing.
This country is run by morons elected by morons.
Back in 2018, I would show my Senior high school students the Debt Clock (online) so they could watch the numbers pile up. During a single class they would see it rack up tens f (hundreds of?) millions of dollars of new debt. I believe the national debt back then was something like 19 trillion dollars.
Look at where we are in under 8 years!
I don’t buy the 20 year figure. The debt is increasing exponentially. We are currently adding a trillion dollars to the debt every 100 days. And that figure is increasing.
“As the value of the franc diminished over the centuries, it was replaced by the ‘new’ franc in 1960, with 100 old francs being worth one new Franc. The old franc became the valid ‘centime’ coin after the devaluation of the currency, and continued to be for some years.”
https://www.francethisway.com/info/currency.php
quotes:
Their key laws, enacted by the occupying powers, enter into force on 20 June 1948. The Deutsche Mark replaces the Reichsmark in the three western zones. The Deutsche Mark banknotes had already been printed in the United States at the end of 1947 and then brought to Frankfurt as part of the secret “Operation Bird Dog”.
The banknotes are distributed as of Sunday, 20 June. In exchange for 60 Reichsmark, every citizen of the western zones receives 40 Deutsche Mark directly from the ration offices, followed by a further 20 Deutsche Mark in a second tranche shortly thereafter. As of 21 June, the Deutsche Mark is the sole legal tender. Everyday payments such as wages, salaries, insurance and rents are converted at a rate of 1:1. However, those with savings are hit hard: Reichsmark balances are gradually converted to Deutsche Mark at a rate of less than 1:10.
The transition to the new currency was tough. Many savers faced financial ruin. At the same time, however, the huge monetary overhang from the Nazi era was radically reduced.
After the riots wind down they can always start up a new progressive party. :)
“Under current policy, the United States has about 20 years for corrective action,“
They’ll kick the can down the road 19 years and 364 days. No I’m not being sarcastic.
Me too. I know a guy. Brilliant. Columbia Business School endowed prof. Was Trump’s assistant Comptroller of the Currency.
He specializes in banks, finance, & panics. Every time I ask him about his he’s nonchalant. “I can see no contingency in which the U.S. government defaults. The Fed will just print more money.” I can never pin him down to what happens if the Fed can’t cover the amount of debt that is out there.
I don’t see what is so horrible about a default, though 85% of US debt is HOME-OWNED. It seems to me that ultimately we are left with one of three options:
1) Inflation so much worse than now that it comes close to Weimar levels.
2) Default that primarily affects pension funds and big investors (i.e, a LOT of ordinary retirees.
3) Start NOW raising SS age, increasing lower end “contributions,” and cutting Medicare, the biggest drivers of the debt. Course, this won’t happen and Trump has made it clear it’s off the table. The reason ought to be obvious: this is a single-agenda item for a president-—but it has to be someone with a Reaganesque mandate and who isn’t going to spend much of his presidency trying to clean out the snake dens of the FBI/CIA and fix the economy.
That terrorists would use commercial airliners to attack.
Or ships. Or boats.
OK folks, do your part to help prop up the government while it sells your children into debt slavery by continuing to buy government debt! /s