Country without debt
- Thread starter PowerON
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caz
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are you saying US as in America or us...I be somewhat pi88ed off..you need hard cash credit card no good borrow money from other countries that may well not have same values as America or Europe pay those countries back with interest that money possible go towards shooting you in foot...
I read what happening in Greece so I guess that an example
I read what happening in Greece so I guess that an example
deafdrummer
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PowerOn, please clarify your statement. It's too broad for me to make a statement. Are you saying:
What if the US repudiates its debt on the international level?
What if the US went debt-free through paying off everything on the domestic and international level?
I assume you mean the former because the latter is completely impossible. We've already sent off to China over 5,000 tons of the 8,300 tons of gold it is said to have. The only way we could pay off everything with the remaining gold is for the $US to be devalued greatly such that it would take tens of thousands of dollars to buy a single ounce of gold.
Assuming that the former is much more likely (and guaranteed), the pain for the US citizens would be very painful, especially if India and China start to demand gold/silver in payment for goods and services rendered. Why would they accept any more paper dollars when there is no value to them; after all, to pay bills, we can just crank up the printing press or enter 87 and nine zeroes after that and pass the appropriations bill for it? Have you noticed that our new paper money has the SAME colors as that of Monopoly money??
Back to my point. It would be painful in the short-run, but in the long term, it will be much better as people learn to earn what they need, and live on what is needed rather than gorging their senses on everything. Pull back from a materialistic world to a more spiritually based world.
What if the US repudiates its debt on the international level?
What if the US went debt-free through paying off everything on the domestic and international level?
I assume you mean the former because the latter is completely impossible. We've already sent off to China over 5,000 tons of the 8,300 tons of gold it is said to have. The only way we could pay off everything with the remaining gold is for the $US to be devalued greatly such that it would take tens of thousands of dollars to buy a single ounce of gold.
Assuming that the former is much more likely (and guaranteed), the pain for the US citizens would be very painful, especially if India and China start to demand gold/silver in payment for goods and services rendered. Why would they accept any more paper dollars when there is no value to them; after all, to pay bills, we can just crank up the printing press or enter 87 and nine zeroes after that and pass the appropriations bill for it? Have you noticed that our new paper money has the SAME colors as that of Monopoly money??
Back to my point. It would be painful in the short-run, but in the long term, it will be much better as people learn to earn what they need, and live on what is needed rather than gorging their senses on everything. Pull back from a materialistic world to a more spiritually based world.
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we had no debt during Clinton Administration
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That why I'm not concerned about country debt.
Iceland had a lot of debt and bankrupted, but they came out to be fine and economy is growing rapidly.
hoichi
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No balles either, well besides the ones in monicas mouth...