Ending the Debt

[P F Tinmore]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

 

[Independentthinker]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

LOL. You guys are idiots. We've already got high inflation and now you want to make our money worthless, increasing inflation even more. I thought this stupidity had finally come to an end.

 

[Moonglow]

Capitalism will eventually consume its resources to survive.

 

[P F Tinmore]

LOL. You guys are idiots. We've already got high inflation and now you want to make our money worthless, increasing inflation even more. I thought this stupidity had finally come to an end.

Strawman.

 

[Independentthinker]

Strawman.

Yes, your thread is a strawman. You MMT'rs haven't been heard from over the last few years - for a reason. MMT has been proven to not work, which is why we are where we are at right now.

 

[Dekster]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

Yes that trillion dollar coins 2.0 idea would do wonders for the economy

 

[Votto]

LOL. You guys are idiots. We've already got high inflation and now you want to make our money worthless, increasing inflation even more. I thought this stupidity had finally come to an end.

True, but his plan is better than what democrats have awaiting us. At least there is no mention of a Jewish genocide.

I say we go with it!!

 

[Lord Long Rod]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

^

 

[Lord Long Rod]

Strawman.

YOU are the strawman, ding-dong!

 

[P F Tinmore]

Question?

We have two options. We can create our own money at no cost. There is no debt and no interest.

OR

We can borrow the money creating debt and interest.

Why do we choose the most expensive option?

 

[luiza]

it does not have to be repaid.

Well meaning doubtless .
But pure lunacy .

 

[kyzr]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest. The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid. When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost. The debt will go away.

Moron. Printing money never works.

Cutting spending and raising taxes and a balanced budget is the only way to keep the dollar as the reserve currency.

A a $34T Debt means that every American owes $100,000. Every taxpayer owes $250,000. That is real money not Monopoly money.

 

[kyzr]

Question?
We have two options. We can create our own money at no cost. There is no debt and no interest.
OR
We can borrow the money creating debt and interest.
Why do we choose the most expensive option?

Duh, we already have our own money moron, its called the "dollar".
There is no other "option".

 

[Flash]

Moron. Printing money never works.

Cutting spending and raising taxes and a balanced budget is the only way to keep the dollar as the reserve currency.

A a $34T Debt means that every American owes $100,000. Every taxpayer owes $250,000. That is real money not Monopoly money.

The problem with raising taxes is that always dampens the economy.

Lets start out with massively reducing the size of the bloated Federal government.

 

[kyzr]

The problem with raising taxes is that always dampens the economy.

Lets start out with massively reducing the size of the bloated Federal government.

Generally true. But there are some taxes that should not dampen the economy.
Here are a few ideas: to balance the Budget and start paying down the Debt:

• Close tax loop-holes +$1.5T
  Fix SS net zero (raise the cap)
  Fix Medicare net zero (see link below)
  Send Medicaid to the states +$500b
• Add new 0.2% transaction tax on financial transactions +$150b (see link below)
• Add new remittance tax +$6b (pays for border security, i.e. Mexico pays for the wall)
• Remove Capital Gains Tax loop-hole +$100b/yr (no 20% tax on gains)
  Send Welfare to the states +$1.3T (over several years)
  Send Education to the states +$300b (over several years)
  Eliminate all personal tax deductions +??????? (keep business deductions)
  Collect all taxes owed +$400b

How Warren Buffett Thinks We Should Fix Social Security | The Motley Fool

The Oracle of Omaha thinks we should save Social Security -- here's how he thinks it can be done.

www.fool.com

European Union financial transaction tax - Wikipedia

en.wikipedia.org

 

[YoursTruly]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

The congress has the constitutional authority to print a legal tender $34 trillion bill.

 

[Ringo]

 

[Dragonlady]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

There is nothing so funny as a person with no knowledge, experience or education in economics telling us how to eliminate the national debt.

 

[Godboy]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

You are an idiot. I mean if you have even the most basic understanding of economics, you know that would cause massive inflation. It would break our economy.

 

[P F Tinmore]

Moron. Printing money never works.

Cutting spending and raising taxes and a balanced budget is the only way to keep the dollar as the reserve currency.

A a $34T Debt means that every American owes $100,000. Every taxpayer owes $250,000. That is real money not Monopoly money.

Moron. Printing money never works.

Raising the debt limit is what?

Printing more money.