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Started By
Message
A question about the National Debt from a layman
Posted on 6/7/14 at 1:28 pm
Posted on 6/7/14 at 1:28 pm
Who do we owe? If it turns out we owe ourselves, more or less,just write it off and start over.
6
Posted on 6/7/14 at 1:33 pm to antibarner
quote:
Who do we owe? If it turns out we owe ourselves, more or less,just write it off and start over.
We "owe" ourselves in the form of government bond investments. Writing it off would mean destroying retirement and investment accounts for US citizens.
Posted on 6/7/14 at 1:40 pm to antibarner
quote:
Who do we owe?
Posted on 6/7/14 at 1:40 pm to antibarner
quote:I'm pretty sure I don't owe anybody.
Who do we owe?
Posted on 6/7/14 at 1:43 pm to NC_Tigah
Another Clinton administration will probably move to confiscate retirement accounts anyhow. There has been talk of this in Democrat circles. If they are going to do this anyhow,might as well write them off.
Posted on 6/7/14 at 1:44 pm to antibarner
Think Detroit...but on a larger scale.
Posted on 6/7/14 at 1:47 pm to Zach
We have a VERY similar example here in South Alabama,but on a smaller scale. Prichard,Al. I swear it looks like Obama wants us in that shape.
Posted on 6/7/14 at 1:49 pm to Gmorgan4982
quote:
I'm pretty sure I don't owe anybody.
I feel the same but there are those that insist that we do because we supposedly all signed some contract at some time in our lives.
Posted on 6/7/14 at 1:52 pm to NC_Tigah
And that is 2010 and we have added 4 trillion more since then...
Posted on 6/7/14 at 1:53 pm to TrueTiger
I must have signed it when I was in the womb. 
Posted on 6/7/14 at 2:15 pm to Gmorgan4982
GM style BK coming sometime
Posted on 6/7/14 at 3:07 pm to jb4
We will reach a point when we will not be able to pay the interest on the debt and that time is fast approaching. China and Japan along with the other nations will start to dump our bonds and notes as we try printing more and more paper money. In order to try to stop this rapid dumping we will raise interest rates on new notes which in turn will crush our weak economy. This will cause every consumer item to cost much more. So hyper inflation will begin and since we import most of our consumer items we are screwed. They will also take all money in retirement accounts and will close banks since there will be a run on them. They closed banks before. Mixed in with this will be the riots and the burning of major cities. We have seen this in Europe. The only way to stop this is to start electing people who will start making small cuts to our federal spending and start drilling for energy here in the US and getting rid of all the regulations on business that is crushing them now.
Posted on 6/7/14 at 3:29 pm to antibarner
The government will never default. They'll try to print their way out.
Posted on 6/7/14 at 3:37 pm to PrimeTime Money
quote:
They'll try to print their way out.
Posted on 6/7/14 at 3:38 pm to RustyTiger
quote:Dumping our bonds would not work well for China or Japan.
China and Japan along with the other nations will start to dump our bonds
The greater concern is the EU getting its economic act together. US Treasuries currently enjoy status as the best house in a bad neighborhood. They are low risk debt vehicles. As a result, cost of servicing our debt is at record lows. A less risky debt vehicle could competitively force the US to raise treasury rates.
Raised rates would increase cost of debt.
Increasing those costs even to normal historical would raise "interest" on the national debt to a level equaling the entire defense budget, or all of medicare/medicaid.
It would be devastating.
Posted on 6/7/14 at 3:44 pm to PrimeTime Money
Germany did the same thing right before Hitler took over. The hyper inflation by printing paper money and high debt causing high interest costs will collapse after several years of it. Read any Financial book about it and you'll find it. It can happen in America, then Socialist/Communists take over, no Constitution to follow. I took a History course ,European history before WW2, and it's all in it.
Posted on 6/7/14 at 5:13 pm to TupeloTiger
When we can no longer pay the interest China and Japan will have no choice. They will see that even before and we are like a run away train. How do you think people get elected by promising more than others running. More than we can ever pay for but no one wants to be honest and say I can not promise so much. They would not get elected. Just keep dreaming that this will never happen in America. It has happened throughout history.
Posted on 6/7/14 at 5:18 pm to TupeloTiger
quote:Yes
Read any Financial book about it and you'll find it. It can happen in America
quote:Not necessarily. More likely, anarchists.
then Socialist/Communists take over
Posted on 6/7/14 at 5:33 pm to NC_Tigah
they should not be allowed to touch Social Security 
Posted on 6/7/14 at 6:07 pm to 756
You guys that think it can never happen here and that America will always take care of us. That they will always tell us the truth and be up front with the population. Just ask the Native American Indians as we took their land and promised that they could live on these wonderful reservation while being taken care of. Today ask the VA why they lied sometimes getting a bonus in doing so. Touch Social Security, ha you better get a clue. They did that and today most people will get less than they put into SS. It is a Ponzi scheme. Now they are looking at MEANS TESTING to see who they can cut from the herd even though you paid into the system for maybe 40+ years. NC MD come back in a few years when you will be paid less for Medicaid than they are paid today.
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