So what does a country do once its bankrupt?

[Fenris Wolf]

Take a look at Iceland, they're bankrupt and they're fighting back against the one's that got them there.

Our problem is simple to fix. End the Federal Reserve and start using the silver standard. Cut out most of the government agencies and don't outsource the ones that are kept intact. Put term limits on congress that prevents career politicians. Do away with benefits and pensions for elected government officials.

 

[Avatar4321]

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.

If you really believed that, you wouldnt be advocating policies that will drive this nation bankrupt.

Unless, of course, you were looking forward to it. Quite frankly, i prefer to live in a Free Republic.

 

[Avatar4321]

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.

Free markets are supposed to collapse when people are corrupt and dishonest. The Market's working just fine. It's correcting itself. Wouldnt be a problem if people focused on being honest.

 

[Borat]

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.

the sooner the better !

there is a saying in Russian: раньше сядеш - раньше выйдеш

it means the sooner you get caught and go to prison the sooner you will come out of it.

collapse is not the disease - it is the cure. the government is the disease. WE don't owe SHIT to anybody. it's our government that owes those trillions.

remember how we tried to stave off the bankruptcy of Detroit and it just happened anyway ? now the same story is repeating itself on the national scale.

i don't find the prospect of collapse scary. that's far from the worst thing that can happen. the worst case scenario, which is also the most probable, is that we will spend THE REST OF OUR LIVES watching the government desperately clinging to power, taxing us back to stone age and using that tax money to pay Blackwater and Halliburton to help US Army and FEMA to manage dissenters.

imagine showing your ID to Blackwater guards armed with AK-47s on average five times a day on your way to work and back - kinda like it is for Palestinians today. imagine these blackwater guards periodically randomly shooting people when they get bored, and you simply have to pray that they shoot somebody else. imagine them gang raping and murdering your 14 year old daughter in front of you and then telling you that it is all your fault - because you are the ones who ultimately allowed through negligence, stupidity and mostly DENIAL for the situation to get to this point.

they army is trained to do what they're told. they don't think. when they're told to attack iraqis they attack iraqis. when they will be told to attack americans they will attack americans.

this is what will happen to you:

[ame]http://www.youtube.com/watch?v=FlSJRsUX1JQ[/ame]

 

[Article 15]

Cut spending and raise taxes.

Both need to happen.

 

[Borat]

Cut spending and raise taxes.

Both need to happen.

that would close the door yes.

but the horses may already be gone.

we could only realistically pay it off if:

1 - we would have to reduce the size of our military to that of Canada - not just end all wars and close all military bases outside US, but reduce the number of military personnel by about a factor of 10.

2 - we would have to suspend all contracts for development of military technology for the next 20 years.

3 - we would have to raise retirement age to 75.

4 - we would have to reduce school from 12 years to 8.

5 - to make room for all these people ( soldiers, teachers, teenagers, retired ) entering the workforce we would have to deport every single illegal immigrant back to mexico.

unless ALL OF THAT happens we're still going to collapse.

 

[Mr.Fitnah]

Cut spending and raise taxes.

Both need to happen.

that would close the door yes.

but the horses may already be gone.

we could only realistically pay it off if:

1 - we would have to reduce the size of our military to that of Canada - not just end all wars and close all military bases outside US, but reduce the number of military personnel by about a factor of 10.

2 - we would have to suspend all contracts for development of military technology for the next 20 years.

3 - we would have to raise retirement age to 75.

4 - we would have to reduce school from 12 years to 8.

5 - to make room for all these people ( soldiers, teachers, teenagers, retired ) entering the workforce we would have to deport every single illegal immigrant back to mexico.

unless ALL OF THAT happens we're still going to collapse.

Thats not going to happen.

We are going to increase domestic spending to unprecedented levels.
We are going to saddle the remaining job manufacturing institutions out of business with government mandates .

 

[Mr.Fitnah]

Cut spending and raise taxes.

Both need to happen.

that would close the door yes.

but the horses may already be gone.

we could only realistically pay it off if:

1 - we would have to reduce the size of our military to that of Canada - not just end all wars and close all military bases outside US, but reduce the number of military personnel by about a factor of 10.

2 - we would have to suspend all contracts for development of military technology for the next 20 years.

3 - we would have to raise retirement age to 75.

4 - we would have to reduce school from 12 years to 8.

5 - to make room for all these people ( soldiers, teachers, teenagers, retired ) entering the workforce we would have to deport every single illegal immigrant back to mexico.

unless ALL OF THAT happens we're still going to collapse.

All these people with 8th grade educations jobs will be what? Answering tech support questions in Chinese ?

 

[Mr.Fitnah]

Cut spending and raise taxes.

Both need to happen.

Not going to happen.

 

[sparky]

All these people with 8th grade educations jobs will be what?

~S~

 

[rr1]

Abraham Lincoln issued Greenbacks, Russian royalty funded his war, Lincoln is the only President to ever pay off the national debt and five days later was dead. Who knows what the mess we have now will bring.Oh and lest I forget, the Civil War had nothing to do with slavery as Lincoln's issue. He cared less about slavery and had no desire to change it. What he wanted was to keep the republic together as a whole and secession threatened that.

 

[GilbertArizona]

I believe in cutting spending and raising taxes. The cuts need to be serious, those that affect entitlement programs. We've had the Bush administration and the Republican Congress provide us with the costliest new entitlement program since LBJ and now Obama is being Bush on steroids with his healthcare plan. Soon after Bush's spending spree we saw gasoline up over $4.00 a gallon and food prices going through the roof at the supermarket. There wasn't any shortage of oil, once a country starts printing so much money that isn't backed by revenues the currency becomes cheapened and inflation follows.

At one time being fiscal conservative meant being responsible and balancing the budget. Now it seems to mean simply lowering taxes. I think that plays into liberal hands for if you don't force people to pay for these programs it is harder to get folks to be against them.

 

[MaggieMae]

Take a look at Iceland, they're bankrupt and they're fighting back against the one's that got them there.

Our problem is simple to fix. End the Federal Reserve and start using the silver standard. Cut out most of the government agencies and don't outsource the ones that are kept intact. Put term limits on congress that prevents career politicians. Do away with benefits and pensions for elected government officials.

So who's going to vote for all that? Congress? Don't think so... They may shoot themselves in the foot occasionally but they never damage their purses.

 

[Soggy in NOLA]

Impose Obamacare.

 

[Soggy in NOLA]

Raising taxes... I assume that means on everyone but you, right? What about the 38% who pay no income taxes? Perhaps we could get them to start contributing first then let's talk.

 

[Samson]

So what does a country do once its bankrupt?

It becomes Russia (1917)....or

It becomes Germany (1930).....or

It becomes Somalia (400 BC).......

 

[MaggieMae]

The Bribes to pass "HCR" are enough to bankrupt some countries the price tag on the thing will shake out to be many times a trillion dollars.

The CBO of scores it 1.2 trillion over 10 years with a cut in deficit of 130 billion these is pretty rosy IMO

U.S. National Debt Clock : Real Time

looks like the debt to GPD ratio will reach 100% sometime next year.

US Federal Debt As Percent Of GDP in United States 2010-2015 - Federal State Local

I have to wonder how realistic that "clock" really is. It's been running that fast ever since it was first posted, back in 2003 I believe. We should have aleady crossed that 100% zone by now. Maybe it's just stuck on fast forward, like my old VCR.

 

[Toro]

Cut spending and raise taxes.

Both need to happen.

Not going to happen.

Hope you enjoy economic devastation then.

 

[Borat]

Cut spending and raise taxes.

Both need to happen.

that would close the door yes.

but the horses may already be gone.

we could only realistically pay it off if:

1 - we would have to reduce the size of our military to that of Canada - not just end all wars and close all military bases outside US, but reduce the number of military personnel by about a factor of 10.

2 - we would have to suspend all contracts for development of military technology for the next 20 years.

3 - we would have to raise retirement age to 75.

4 - we would have to reduce school from 12 years to 8.

5 - to make room for all these people ( soldiers, teachers, teenagers, retired ) entering the workforce we would have to deport every single illegal immigrant back to mexico.

unless ALL OF THAT happens we're still going to collapse.

All these people with 8th grade educations jobs will be what? Answering tech support questions in Chinese ?

i mean reduce mandatory education to 8. you are perfectly free to get two PHDs if you want. many jobs don't require even 8 years.

http://www.ishmael.com/Education/Writings/unschooling.shtml

 

[GilbertArizona]

Raising taxes... I assume that means on everyone but you, right? What about the 38% who pay no income taxes? Perhaps we could get them to start contributing first then let's talk.

I also favor raising taxes. But I see and appreciate your point.

I favor one single income tax rate that everybody should pay. But the tax rate is only half the story. Let's also consider the definition of income. While eliminating the games being played with the different tax rates, at the same time let's eliminate the games currently being played with defining income. Instead of all the different categories (wages, interest, dividends, capital gains, social security, welfare, inheritance, gambling winnings and so on) lets call a spade a spade and consider income as simply money received by an individual or joint filer, minus expenses personally used to produce the money.