No the government will just print(inflate) the dollar and make it more worthless like usual. It's still the reserve currency, just hope there's no war on the horizon or else the debt will keep increasing and our dollar will be worthless.
Can the U.S. declare bankruptcy?
- Thread starter kmiklas
- Start date
The generally accepted definition is liabilities exceed assets - so the balance sheet is negative. Where would you put the asset side?
"There is a Bankruptcy called Chapter 9, which is a Bankruptcy that permits a Municipality to file Bankruptcy through a Reorganization of its Debts. Detroit is the largest city in the United States that famously filed Chapter 9 Bankruptcy.
However, the Bankruptcy Code does not provide a Chapter that would enable the Federal Government from filing Bankruptcy."
"There is a Bankruptcy called Chapter 9, which is a Bankruptcy that permits a Municipality to file Bankruptcy through a Reorganization of its Debts. Detroit is the largest city in the United States that famously filed Chapter 9 Bankruptcy.
However, the Bankruptcy Code does not provide a Chapter that would enable the Federal Government from filing Bankruptcy."
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Yes it can if it so wishes. It's done it several times before. It's just gonna be the Americans who will be screwed.
For the last time, China does NOT owe the majority of US' debt (I think I am going to copy this sentence permanently in a notepad. I lost count of how many times I had to post this sentence in this forum). It's the US citizens who do so you will be just fucking the American people by declaring bankruptcy.
China owns enough. You have said nothing new.
You do realize the vast majority of treasuries are held by the Fed and by you and mom and pop, meaning, domestic investors?
4% or $1.1 trillion dollars. For that, they can have the city of Detroit! LOL
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1933?? NOT really if you were a [ ''rare or unusual'' gold ] coin collector. Stock market turned around by '33 also.
True, could not walk into any bank + exchange gold for USD,in 1933 after Pres Excec order , big difference.
ALWAYS pays to read . {Looks like silver coins were ok also, but i have not double checked that} Guns made back then did real well, even to today/mostly.........................................................................................I dont like the bond charts back then, but that's me .[EDIT was illegal to hoard gold coins/ i'm talking collecting ''unusual or rare gold coins'' as Pres exec order allowed]]
Will the US humble itself the same way Argentina, Brazil and Venezuela have done over the years by declaring a moratorium on foreign debt? Your guess is almost as good as the opinion of a taxi cab driver.
