So what does a country do once its bankrupt?

[Care4all]

The United States will not default on its debt. It would destroy the international financial system if it did.

I think that is the plan.

who's plan? the last admin or this admin? or both??

 

[Dr.Traveler]

When (not if) we go financially bankrupt, its going to be because Republicans and Democrats failed to control spending from Reagan's era forward. Bush/DeLay/Frist's era of Borrow and Spend will have as much to do with it as Pelosi/Reid/Obama's spending did.

Should the US go financially bankrupt, you can bend over and kiss your sweet behind goodbye. The default on Federal Bonds would absolutely destory investment and industry. Military personnel wouldn't be paid. Entitlements would dry up as would VA benefits. Federal law enforcement would sputter out.....

Its a nightmare scenario. I'm hoping that it won't happen, but history shows that at some point every form of government will fail.

Oh. It's gonna happen....or they bring in WW3. Either way. Travel Doctor.........SOON

I don't debate it will happen.

At this point we have too much debt to realistically pay off. The interest on the debt is now a 12 digit figure, to give you perspective. That's the interest.

Even if you did manage to drastically cut Federal spending back to purely defense, you'd still probably have to keep taxes level for a least a generation to get out of debt. Using the debt clock, an amortization table, and an interest rate of 1.6% (Which is completely unrealistic, but hey why not?), the average tax payer would have to pay $401.89 a month for 30 years to pay off their share of the debt.

That's a big chunk of money for the average tax payer. And that's assuming you don't run up more debt. And that's on top of your tax burden each month to the Feds.

I know I could probably swing another $803.78 a month (My wife and I are both tax payers), but I know that a lot of my family members couldn't.

That number is just getting worse as time goes by. So yeah, we'll go bankrupt eventually.

When is the real question.

 

[Toro]

So what does a country do once its bankrupt?

It gives even more of a voice to corporations as "persons" in "democratic" elections. "Free market" practices will not heal this country, but hasten its demise. Free markets have never worked anywhere. The proletariat would not tolerate the repression needed for them to exist.

Free markets are the single greatest driver of wealth creation. The West has become rich on markets.

 

[WillowTree]

So what does a country do once its bankrupt?

Borrow money from Communist China so it can invade two separate countries that posed no threat to the US?

Hey, Fitnah...why did you neg rep me for this post???

same reason you neg repped me for mine whiner. asshole whiner!

 

[VaYank5150]

Borrow money from Communist China so it can invade two separate countries that posed no threat to the US?

Hey, Fitnah...why did you neg rep me for this post???

same reason you neg repped me for mine whiner. asshole whiner!

Not true. I neg repped you for being a partisan hack, asshole. At the very least, get your facts straight. Oh, wait, you are a Republican. You have no idea what facts are...

 

[Mr.Fitnah]

The United States will not default on its debt. It would destroy the international financial system if it did.

I think that is the plan.

who's plan? the last admin or this admin? or both??

Since the sixties .

 

[WillowTree]

Hey, Fitnah...why did you neg rep me for this post???

same reason you neg repped me for mine whiner. asshole whiner!

Not true. I neg repped you for being a partisan hack, asshole. At the very least, get your facts straight. Oh, wait, you are a Republican. You have no idea what facts are...

I know what pond scum is asshole.. green slick slimey and down the drain.. come november.

 

[Toro]

Canada will come and buy ya'll for 10 cents on the dollar.

 

[VaYank5150]

same reason you neg repped me for mine whiner. asshole whiner!

Not true. I neg repped you for being a partisan hack, asshole. At the very least, get your facts straight. Oh, wait, you are a Republican. You have no idea what facts are...

I know what pond scum is asshole.. green slick slimey and down the drain.. come november.

While your playground personality it laughable and quite entertaining, it has nothing to do with this thread, so please STFU.

 

[Mr. Peepers]

Free markets are the single greatest driver of wealth creation. The West has become rich on markets.

And corporate greed and banking shenanigans have collapsed said markets on numerous occasions. Like I said, FREE markets will never work. You cannot trust banks and corporations to police themselves. Period.

 

[Mr.Fitnah]

Free markets are the single greatest driver of wealth creation. The West has become rich on markets.

And corporate greed and banking shenanigans have collapsed said markets on numerous occasions. Like I said, FREE markets will never work. You cannot trust banks and corporations to police themselves. Period.

What progressive instruments control's the banks and regulates business ?What free market ?

 

[NYcarbineer]

If the country goes bankrupt, it will be revived when a new charismatic leader of a new movement emerges,

who will inspire a new patriotism built around blaming all of the country's ills on minorities, foreigners, internationalists, and

the liberal media.

Are you looking forward to this?

Why would I? I'm not a conservative.

 

[Care4all]

Free markets are the single greatest driver of wealth creation. The West has become rich on markets.

And corporate greed and banking shenanigans have collapsed said markets on numerous occasions. Like I said, FREE markets will never work. You cannot trust banks and corporations to police themselves. Period.

What progressive instruments control's the banks and regulates business ?What free market ?

a free market IS NEVER free of regulation....

there is no market in the world that is free of regulation, it can't be, other than maybe the black market....but even that, is self regulated in its own way....

 

[ScreamingEagle]

Start praying and plant a garden full of fruits and vegetables.

At least if you have hope to live.

One only has to look at what happened to Argentina....

Despair in Once-Proud Argentina (washingtonpost.com)

 

[xsited1]

So what does a country do once its bankrupt?

The US will have to rely on other countries to bail it out in the form of (even more) loans, we'll lose our AAA credit rating, our super power status will end, the stock market will crash, credit institutions will crash, unemployment will skyrocket, a large number of government funded programs will simply end (like social security and medicaid), we'll probably be invaded by other countries, etc. Bad stuff.

We have already been invaded and done nothing.
This is how an empire ends .

You're right about that. I got a little nostalgic last night and watched the movie Red Dawn from 1984 (which is about an invasion of the United States by the Soviet Union and its Central American allies). One thing that was particularly interesting to me in the movie was how the invaders used US government lists of Americans who were armed and put them in reeducation camps. After that, they were executed. There's a remake of Red Dawn coming out this year.

 

[MaggieMae]

Are you a CPA or finance person?

Im a normal walking around person who knows there is only so much debt any entity can carry before it implodes, this is something history teaches .
Something you will never understand.
http://www.usmessageboard.com/2045439-post10.html

I would think none. Progressives don't normally look back, they look forward. Unlike so-called conservatives, who constantly look back for answers, even though there are no answers in our past.

I guess it's a damn good thing that our police actions in Iraq hasn't caused us any debt then, huh?

Or the unfunded, mandated multi-billion dollar Prescription Drug Bill which was predicted to do us in. Somehow we managed to stay afloat doing two wars simultaneously, cut taxes, and institute the biggest social program to date all at once.

 

[Dr.Traveler]

Free markets are the single greatest driver of wealth creation. The West has become rich on markets.

And corporate greed and banking shenanigans have collapsed said markets on numerous occasions. Like I said, FREE markets will never work. You cannot trust banks and corporations to police themselves. Period.

People tend to forget in the good times why regulations were put in place in the bad times.

Captialism is a good system, but just like any system that is built by, and used by, humans it has some problems. We regulate to stop the excesses that can literally cause the whole system to implode.

 

[Mr.Fitnah]

And corporate greed and banking shenanigans have collapsed said markets on numerous occasions. Like I said, FREE markets will never work. You cannot trust banks and corporations to police themselves. Period.

What progressive instruments control's the banks and regulates business ?What free market ?

a free market IS NEVER free of regulation....

there is no market in the world that is free of regulation, it can't be, other than maybe the black market....but even that, is self regulated in its own way....

Hence his objection is moot.

 

[skookerasbil]

So what does a country do once its bankrupt?

Borrow money from Communist China so it can invade two separate countries that posed no threat to the US?

I keep telling you s0n................its 2010!!!!!

 

[Toro]

America will go bust if the politicians don't rise above the strident, parochial ideologues on both sides of the aisle.

Taxes are going to go up and spending is going to get cut. If you don't accept either of those, then the costs are going to be far, far greater than any tax increase or spending cut.