Would you be in favor of repudiating america's debt...

[2ND COMING]

even if it meant a possible conflict?

[Soul Crusher]

even if it meant a possible conflict?

This is what is going to happen anyway.

There is no way to pay back the debt we have accumulated.  The only issue is if China and us comw to war over it. 

I personally would not be in favor of that IMHO since we still have not learned the basic lessons of adding and subtraction.

Our govt, especially GWB and now Obama, are like 16 y/o girls with a credit card in the mall.     

[Hereford]

even if it meant a possible conflict?

Isn't most of the US debt owed to itself?

[tonymctones]

ya but lets rack up as much debt as possible first and then tell them to go fuk themselves 

[Hereford]

ya but lets rack up as much debt as possible first and then tell them to go fuk themselves 

Isn't that the whole concept of declaring bankruptcy herre in the US?  Spend into oblivion, then say 'oh well...' and screw those you own money to?

[Hedgehog]

Isn't most of the US debt owed to itself?

Yes.

[Soul Crusher]

Yes.

Which in itself is utter nonsense.  This is phoney money backed by nothing. 

[2ND COMING]

I personally would not be in favor of that IMHO since we still have not learned the basic lessons of adding and subtraction.
 

wait, what?

was that just ranting or would you literally oppose it?

[2ND COMING]

ya but lets rack up as much debt as possible first and then tell them to go fuk themselves 

 

[Soul Crusher]

wait, what?

was that just ranting or would you literally oppose it?

Ok - lets use current bankruptcy laws: 

Chapter 7 - Debtor is broke and has nothing to pay back. 

Chapter 11 - Debtor needs a payment plan and across the board slashing of amount of debt.  Also, all actions are stayed against the debtor.  (This is what we are in right now)

Involuntary Bankrupcty - When a creditor can force a debtor into bankruptcy without consent of the debtor. 

________________________ ________________________ ________________________ ___

I believe we are currently in between Chapter 11 and Involuntary Bkrpty with China.   

 
There is something called

[2ND COMING]

where exactly do bankruptcy laws fair in the debate?

answer the question and take in to account that in such an event our current law makers WOULD NOT be sniffing the idea nor would they have the balls to. The political landscape for this to take place would be a complete 360 of what it is today.

[Soul Crusher]

where exactly do bankruptcy laws fair in the debate?

answer the question and take in to account that in such an event our current law makers WOULD NOT be sniffing the idea nor would they have the balls to. The political landscape for this to take place would be a complete 360 of what it is today.

Bankruptcy laws apply because we are broke and in debt up to our eyeballs. 

It seems the world wants to impose involntary bankruptcy on us by replacing the dollar as the reserve currency of the world. 

We may not have a choice whether we are going to default or not, it may be imposed upon us. 

[2ND COMING]

Bankruptcy laws apply because we are broke and in debt up to our eyeballs. 

But the point of the question was to repudiate that debt, not file for bankruptcy. hence a possible conflict.

[Soul Crusher]

But the point of the question was to repudiate that debt, not file for bankruptcy. hence a possible conflict.

Yup!   We may have a war whether it be N Korea, Iran, Pak, who the heck knows.

[Hereford]

Y'all need to realize that in order for the US economy to grow and function, there needs to be exponential spending and economic activity, right? Americans spend in actuality more every year than they make by far. How does one spend more than they make? By utilizing credit. If everyone all of a sudden started only spending what they made (i.e., living within their means), the economy would crash... there would be no growth and CNN and such would report that doom had come.

Think about why the government is so interested in getting the credit markets going again. Because if people can't borrow and continue to spend more than they should... the economy will become static, or possible enter into a recession.

The federal government is no different. It spends way more than it has almost every year. It NEEDS that continued credit (and corresponding debt) to maintain the status quo.

[GigantorX]

Isn't most of the US debt owed to itself?

In the 1980's you could def. say that and it would be correct. I believe the percentage of debt held domestically was about 80-85%.

Today I believe saw a statistic that had it hovering around 40% domestically held.

[240 is Back]

When you owe $10,000.... the bank owns you.


When you owe $10 trillion... you own the bank.

[Hereford]

When you owe $10,000.... the bank owns you.


When you owe $10 trillion... you own the bank.

good call...

[Soul Crusher]

good call...

Thats fine, but there may ultimately be a war over this. 

[stormshadow]

United States went Bankrupt to the Federal Reserve in 1933 as that is when all MONEY (GOLD) was removed from the domestic economy.  Since then we discharge debt with promises to pay (federal reserve promissory notes).  Some say the actual bankruptcy was in 1938, but it happened around this time.  We are in foreclosure, but we have not yet been foreclosed on.  The International Bankers are not yet ready to disclose that they own everything, including the government of a supposed sovereign nation like the United States.

All money is created by a bank monetizing the "credit" or promise to pay by a human being.  With a fiat system, aggregate debt levels can NEVER go down.  Citizens my reduce their private debts, but then the government MUST borrow more to make up the difference as money leaves the economy when the "principle" balances of loans are paid off.

There is no workable way to win in this system, other than becoming educated enforcing your rights and removing yourself as human collateral for the Corporate United States of America.