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You have to study the history of fiat currencies to understand why a fiat currency is the only type of currency that will work. There is nothing wrong with a fiat currency -- it's the abuse that destroys it. To fix the monetary problems mankind has you have to fix mankind. That ain't gonna...

Whatever the actual debt totals are we can both agree the US is on a course that ends in a debt default. I'm a pretty good student of history and I've spent some time studying how empires have fallen and the US is on a one-way street to collapse but I think we have a few more decades yet to go...

It's mind-boggling where people come up with these ridiculous numbers. Saying the US is 115T in debt is the same as saying I'm 100k in debt when you add up my CC debt of, say $10k, and adding my future electric and gas bill to the 10k to get to the 100k. Indeed, the debt levels of the US are...

Why do people keep quoting future unfunded liabilities as debt? Why don't we just count the next 100 years of unfunded liabilities and say the debt is 10 quadrillion?

I don't understand why people think banks are not lending. I still get credit card offers in the mail and if I walked into a car dealership tomorrow I'd get approved for an auto loan. If I wanted to refinance my house I'd get approved. Oh wait! Now I know why...I got an 845 credit score. Go...

The TT will not come to life unless it's a worldwide tax. The US cannot afford to risk a massive exodus of capital.

I would agree. There's always unforeseeable events out there. Can the US handle baby boomers retiring all at once and a full scale war in the middle east? Or, does baby boomers retiring and 15% official unemployment tip the scale?

It's not like Obama and Co. will be dragged off to bankruptcy court like you ore I would. A country's BK occurs when they can no longer roll their debt forward and they are forced to either lay heavy taxes and/or print to pay off the debt. Either way, the burden falls squarely on the shoulders...

Agreed, the American Empire isn't quite the same a Rome's or GB's but the sheer size of the US economy and the fact that it has military bases in what, 128 different countries? Qualifies it as an Empire. The day of reckoning is drawing nearer for sure but I don't see it happening in the...

They can't tax the bonuses because the banks -- who own the country -- won't allow it. The government is not in charge of the banks, the banks are in charge of the government.

We could chug along for another 50 or so years. Rome and Great Britain didn't collapse in a year. It took many decades in both cases. The US has definitely peaked and a downward trend has begun but it will take some time. Wars and unfunded liabilities are going to take their toll. The...

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Ok, I just gotta let you know it's "throughout" not threwout. Threw out is what happens when you get drunk at the bar and you end up on your ass on the sidewalk for grabbing someone's triple D's. :D

Good grief. Do I gotta teach you folks everything. You fill the friggin ditches back up and then go dig more ditches :D

The UK and US are also on credit watch and will possibly be downgraded two notches. So what happens when the world's credit rating drops and everyone defaults? I guess that would be time to hit the reset button?

Nope, not a chance. Congress could get everyone in an electric car within a few years with one stroke of the pen. $5000 credit for buying an electric car. Bingo. Electric cars flying out the door. We may see a VAT tax in the future but certainly not in place of the income tax. In...

Your logic is flawed because your property taxes will go up along with your home owners insurance and the costs of maintaining your home. You gotta buy snow shovels, lawn mowers, gasoline for both, fertilizer, salt for the ice patches, and whatever other pleasantries come with owning a home...

I walked into a bank about 20 years ago and asked for a $2k loan to fix my car that I had just wrapped around a tree. They laughed at me. Fast foward to modern day....I get checks in the mail for that amount plus a zero after it. I can sign my name today and get 20k in 20 minutes. How sad is...

Don't know what planet you live on but I was at Applebee's on a weekend at dinner time not long ago and there were something like 6 people there -- six! It was so empty you could hear an echo in the damn place.

Whoa! Dude, expect an audit from the IRS :D