How much in debt are you.

[Toddsterpatriot]

That said, the Fed can do exactly what it has done other times, it can buy back the bonds.
There you go, problem solved.

How is massive inflation going to solve our problems?

 

[gtopa1]

Me? I put my hearing aids on a payscheme. About $8000. I figured if they were not going to be up to standard I would just send them back and tell them to gft. I have no other debt...except eight kids. lol

Greg

 

[MarathonMike]

The "debt" problem that most Americans are struggling with is the debt they are incurring just to pay for their food, gas and rent. The majority of Americans are living month-to-month and running up credit card debt.

 

[brainsee]

Is a liability something tangible?

Yes and no. A liability is basically another word for debt. If you didn't agree to that liability, you aren't obliged to honor it.

 

[brainsee]

Any currency from any country can be converted into dollars.

How many North Korean won to the dollar? What's the current bid/ask?

Why not use the large stone disks used for currency on Yap Island for an example.

 

[Toddsterpatriot]

Yes and no. A liability is basically another word for debt. If you didn't agree to that liability, you aren't obliged to honor it.

A liability is basically another word for debt.

And it's offset by an asset.

 

[brainsee]

$0

Wrong. Read the thread to find out why.

 

[Toddsterpatriot]

Why not use the large stone disks used for currency on Yap Island for an example.

Are you admitting you can't really convert any currency into dollars?

 

[brainsee]

No, they didn't. We produced more war material in a year, than Germany did in 6. In the time that Germany made 18,000 tanks, we made 86,000. While Germany was able to make 348,000 trucks during the war, we made over 2,000,000.

You have no clue how terrible the economic situation was for the German population.

Yes, they did. As far as Germany and the German people were concerned. The U.S. was a much larger country with a greater population. So your comparison in that regard isn't a valid one. While the U.S. was in the Great Depression, Germany under Hitler and the National Socialist wasn't.

 

[brainsee]

Commercial agreements are not meaningless. But it all boils down to monetary and resource flows.
At that time US was the main trading partner of Saudis and Iraq ( the US bought most of the oil and the US was the larger exporter of goods and services). So it made perfect sense to trade in dollars.
But times have changed. The US is no longer the main trading partner of the Saudis , it is not even the main trading partner of half of the world, so keeping the deal doesn't make sense any longer.

Regarding trading, yes you can buy any currency , but there is a spread between the sell and buy prices of currencies and the higher the demand the larger that spread gets. Why loose a 5% or 10% on all your purchases? That doesn't make sense.

Conversion rates are what they are. Do U.S. banks charge a fee to convert currency? I don't know.

 

[brainsee]

The Fed can pay the debt if it considers it an absolute necessity. But such action is not without consequences.
It all boils down to the behavior of the former debt-holders. They could use it to buy real-estate creating a housing bubble in the US.
They could dump the dollar to invest somewhere more profitable or change it for gold ( creating a gold bubble and the collapse of the dollar).
You don't seem to understand the nature of fiat money: it is simply a journal entry in the accounting books of financial institutions.

Though it is run through Congress, The Federal Reserve is in essence independent of the government. It is basically a privately run organization. Maybe they could sign promissory notes to the U.S. Treasury to pay off the National Debt. But then Americans would be held liable to pay off the Federal Reserve.

From what I have heard from economists, to go ever deeper into debt is unsustainable. Sooner or later, the whole system will collapse. I have a better idea. Simply dump the dollar and create a new currency. Simply refuse to pay off any debt created by dollars. Will many people lose everything? Sure. But we would be starting with a clean slate. Hitler did something similar when he introduced Mefo bills. And refused to make any more payments for reparations over WW I. Which wasn't a war started by Germany to begin with. But Germany lost. They made their final WW I reparations payment in 2010.

 

[brainsee]

The debt is the sum total of the previous president‘s deficits plus compound interest. Every president inherits debt form the previous presidents. All they can do is reduce the deficit. Every democrat has reduced the deficit during his time in office, ever repugnant has raised it. The debt will always grow until we balance the budget and begin paying down the debt. Republicans NEVER reduce their deficits. Democrats do.

I'm not sure what you're getting at with "deficits." But I don't think any democrat or republican has ever reduced the national debt. The Clinton administration supposedly came up with a way to eliminate the National Debt. But it was all smoke and mirrors. Using accounting practices that would be illegal in the private sector.

 

[brainsee]

Me? I put my hearing aids on a payscheme. About $8000. I figured if they were not going to be up to standard I would just send them back and tell them to gft. I have no other debt...except eight kids. lol

Greg

We have the National Debt. Are you part of that nation? If so, then part of that debt is yours.

 

[brainsee]

Are you admitting you can't really convert any currency into dollars?

No. Some you can, and some you can't.

 

[westwall]

Yes, they did. As far as Germany and the German people were concerned. The U.S. was a much larger country with a greater population. So your comparison in that regard isn't a valid one. While the U.S. was in the Great Depression, Germany under Hitler and the National Socialist wasn't.

Production numbers don't lie. But apparently you do.

 

[brainsee]

Production numbers don't lie. But apparently you do.

It's easy to say shit without allowing me to prove my point, isn't it. But maybe I can get away with this. Back in the day, TIME Magazine was a big deal. This is the closest I could come to one of their covers. This was at a time when the U.S. was still in the Great Depression. Germany wasn't.

 

[Toddsterpatriot]

No. Some you can, and some you can't.

Thanks for admitting your error.

 

[Dagosa]

I'm not sure what you're getting at with "deficits." But I don't think any democrat or republican has ever reduced the national debt. The Clinton administration supposedly came up with a way to eliminate the National Debt. But it was all smoke and mirrors. Using accounting practices that would be illegal in the private sector.

I'm not sure what you're getting at with "deficits." But I don't think any democrat or republican has ever reduced the national debt. The Clinton administration supposedly came up with a way to eliminate the National Debt. But it was all smoke and mirrors. Using accounting practices that would be illegal in the private sector.

Wrong. We’re obviously smitten with the right’s lie about being deficit hawks. If you don’t understand it, read this.
The right lies about debt all the time to a math illiterate audience.

No, Clinton did pay down the debt. That’s near impossible for any one admin to pay it off. But like NO REPUBLICAN admin ever did in modern times he had a surplus and paid DOWN THE DEBT.

The Budget and Deficit Under Clinton - FactCheck.org

Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased? A: Yes to both questions, whether you count Social Security or not. FULL ANSWER This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit...

www.factcheck.org

 

[westwall]

It's easy to say shit without allowing me to prove my point, isn't it. But maybe I can get away with this. Back in the day, TIME Magazine was a big deal. This is the closest I could come to one of their covers. This was at a time when the U.S. was still in the Great Depression. Germany wasn't.

View attachment 898996

Ahhhh, you are cultsmasher back under yet another name.

Typical.

 

[Dagosa]

We have the National Debt. Are you part of that nation? If so, then part of that debt is yours.

Most of it is the sum total of all the previous admins plus the compound interest on it.