U.S. Debt Actually $200 Trillion?

[achilles28]

- Abolish the income tax.
- Cut the budget by >60%.
- Jack tariffs on Chindia by >100%.
- End Wallstreet bailouts
- End federal subsidies for offshoring.
- Revoke H1B's.
- Repeal legal protection for Unions.
- Cut all Federal salaries to private sector equivalents, less 10%.
- Bring all troops home from Iraq and Afghanistan.
- Build the fence and man the border.
- Deport every illegal.
- Extend Unemployment benefits to 36 months @ 2K per month, per person.

Let the system crash, then reset.

- Print the debt off completely.
- Abolish fractional reserve banking
- Return to full reserve banking.


Problem solved.

 

[Humpy]

Quote from achilles28:

- Abolish the income tax.
- Cut the budget by >60%.
- Jack tariffs on Chindia by >100%.
- End Wallstreet bailouts
- End federal subsidies for offshoring.
- Revoke H1B's.
- Repeal legal protection for Unions.
- Cut all Federal salaries to private sector equivalents, less 10%.
- Bring all troops home from Iraq and Afghanistan.
- Build the fence and man the border.
- Deport every illegal.
- Extend Unemployment benefits to 36 months @ 2K per month, per person.

Let the system crash, then reset.

- Print the debt off completely.
- Abolish fractional reserve banking
- Return to full reserve banking.


Problem solved.

Total disaster

 

[Mr Pain]

Quote from Humpy:

Total disaster

Unfortunately this is pretty much the teaparty platform. They are a bunch of folks who see the problems but unfortunately just want to wash their hands of them rather than trying and tackle them. If his plan were put in place there would be no food in the stores or gas at the pumps. It’s like someone in debt who says I’m just not going to answer the phones calls from the bill collector and thinking the problem has gone away. Ross Perot was right in 92. No free trade with slave states and a gas tax should have been put on then to start weaning us off of foreign oil which is a national defense issue.

 

[MKTrader]

Quote from Mr Pain:

Unfortunately this is pretty much the teaparty platform. They are a bunch of folks who see the problems but unfortunately just want to wash their hands of them rather than trying and tackle them. If his plan were put in place there would be no food in the stores or gas at the pumps. It’s like someone in debt who says I’m just not going to answer the phones calls from the bill collector and thinking the problem has gone away. Ross Perot was right in 92. No free trade with slave states and a gas tax should have been put on then to start weaning us off of foreign oil which is a national defense issue.

There is no "tea party" platform. It's a big tent and unfortunately it's moved somewhat away from anti-big spending, anti-stimulus into a neo-con agenda. But whatever it is, there's no way it's worse than the course we're on. Huge/wasteful stimulus spending, increased taxes, increased regs, more power to unions/lawyers, class warfare, etc.

I still say we should peacefully secede. Let the elitists and welfare statists take half the country. I'd like to see how long Buffet, Gates, Oprah and Soros fund millions of parasites and bureaucrats. They'll probably be off in their private jets quickly and Barakistan will be nothing but one huge riot.

 

[achilles28]

Quote from Humpy:

Total disaster

You haven't a clue. That would be great for the economy.

 

[achilles28]

Quote from Mr Pain:

Unfortunately this is pretty much the teaparty platform. They are a bunch of folks who see the problems but unfortunately just want to wash their hands of them rather than trying and tackle them. If his plan were put in place there would be no food in the stores or gas at the pumps. It’s like someone in debt who says I’m just not going to answer the phones calls from the bill collector and thinking the problem has gone away. Ross Perot was right in 92.

You guys are clueless. No gas in the stations? Food on the shelves? LMAO

You have no idea how the economy works and how wealth is created/destroyed.

 

[Mr Pain]

Quote from achilles28:

You guys are clueless. No gas in the stations? Food on the shelves? LMAO

You have no idea how the economy works and how wealth is created/destroyed.

He wrote

"Let the system crash, then reset.

- Print the debt off completely.
- Abolish fractional reserve banking
- Return to full reserve banking."

What will this do to the dollar? Are you going to barter for interstate transportation, gas and goods?

 

[Humpy]

Neither party imo seems to have the answers

One over taxes and over spends
while the other under taxes the rich and under-funds the poor

which is turning the USA into a banana republic and a recipe for trouble

can they change ?

their remedies are set in the past and it is going to be near impossible.

 

[achilles28]

Quote from Mr Pain:

He wrote

"Let the system crash, then reset.

- Print the debt off completely.
- Abolish fractional reserve banking
- Return to full reserve banking."

What will this do to the dollar? Are you going to barter for interstate transportation, gas and goods?

Again, it's clear you don't know what you're talking about.

Full reserve banking is incredibly deflationary and bullish for the dollar. Monetizing the debt is a drop in the bucket compared to M3 and largely offset by a return to full reserve banking.

Ironically, it's the path we're currently on that will force a currency crisis or a dollar collapse relative to commodities. The debt is so big and maturity so short, rates can't be hiked without cannibalizing the budget with interest obligations. If America stays on the course you recommend, we'll get a recovery, one more gigantic bubble, then a Japan redo. Except a 30 Trillion dollar export market won't exist across the pond to buy our cheap crap. Because that's us.

The Government cannot "save us". The only productive role Government can take in all this is to lance the wound. Accelerate the purging. Instead, Western Governments chose to postpone a market solution and exacerbate the situation with debt-financed stimulus. When bubbles happen, they must pop. Prices must deflate back to their historical baselines and the over indebted and insolvent must be liquidated. Otherwise, we hold them up with borrowed money that must be paid back with future incomes, or carried indefinitely through low interest rates that creates an even more destructive inflationary problem America will soon witness.

 

[achilles28]

Quote from Mr Pain:

The question is what to do now and I am sick of fools who say they will cut taxes and reduce the deficit. They never say what they will cut of any substance and the history of the US since Reagan shows supply side does not work.

http://www.usdebtclock.org

Do you even know what supply side economics is?

Do you even know where economic "growth" comes from?

Do you understand what will happen to America if it continues a deficit of 10-15% GDP over the next 5 years??

The Defense budget and supplemental is ~1 Trillion. Medicare and SS comprise a huge chunk. Axe both by 50%. Iraq had no WMD's. The US is guarding poppy fields in Afghanistan. Lemmie guess, you're a neocon who voted Bush.

SS and Medicare are ponzi. They're broke. Literally. The SS money was already spent!!! It's ALL GONE. Better to come clean now and end the charade, then borrow to finance until we're up to our eyeballs like Greece.

The budget is not sustainable. The handouts are not sustainable. The military empire is not sustainable. The money simply isn't there to finance half of it. The US is rapidly approaching the point at which creditors will cease to loan America dollars. In 4-5 years, when that point arrives, the Country will go into receivership like Greece and radical cuts and austerity will be forced upon us. Or, we can do it now, while we're still in control of our own destiny. It appears you would rather delude yourself that all will be fine so long as we "stay the course". I got news for you, bud. It's over. America is done. The only thing that can save us is a Depression, default, and restructuring.