Life After Default

[CuleokaBob]

Found this oldie but goodie.
Is it time to get the inevitable over with? How far down the road can you kick the can? I won't blame Biden, I will blame both parties.
Default, get it over with. I am ready, are you.

Life After Default | CEA | The White House

By Chair Cecilia Rouse, Ernie Tedeschi, Martha Gimbel, and Bradley Clark The credit of the United States is built on centuries of stability and responsibility. This country has never intentionally defaulted on its obligations because of the debt limit. But the U.S. Treasury Department estimates...

www.whitehouse.gov

​

 

[Thunk]

Default, get it over with. I am ready, are you.

Nope.

I'm not ready for a global depression and watching BILLIONS starve to death. I doubt anybody is "ready for" something like that.

 

[beautress]

CuleokaBob, this thread is in working order.

 

[Lesh]

Found this oldie but goodie.
Is it time to get the inevitable over with? How far down the road can you kick the can? I won't blame Biden, I will blame both parties.
Default, get it over with. I am ready, are you.

Life After Default | CEA | The White House

By Chair Cecilia Rouse, Ernie Tedeschi, Martha Gimbel, and Bradley Clark The credit of the United States is built on centuries of stability and responsibility. This country has never intentionally defaulted on its obligations because of the debt limit. But the U.S. Treasury Department estimates...

www.whitehouse.gov

​

Did you read that? And you want that??

 

[CuleokaBob]

Did you read that? And you want that??

It is going to happen eventually. Why kick the can down the road. Get it over and let the chips fall where they may.
Perhaps you prefer the other option to eliminate debt? WWIII.

 

[Lesh]

It is going to happen eventually. Why kick the can down the road. Get it over and let the chips fall where they may.
Perhaps you prefer the other option to eliminate debt? WWIII.

I assume you read what you posted on the OP

That means you’re insane

 

[CuleokaBob]

I assume you read what you posted on the OP

That means you’re insane

this party is not going on forever. there is no way to pay off this debt.
default and be done with it.

are you not prepared?

 

[Lesh]

this party is not going on forever. there is no way to pay off this debt.
default and be done with it.

are you not prepared?

Are you aware that we never paid off the debt from WWII?

 

[Lesh]

this party is not going on forever. there is no way to pay off this debt.
default and be done with it.

are you not prepared?

Your own post says it could result in a weakened dollar, Downgrading of the US credit raising (resulting in eve. MORE DEBT) and Recession

 

[CuleokaBob]

Your own post says it could result in a weakened dollar, Downgrading of the US credit raising (resulting in eve. MORE DEBT) and Recession

Why are you being so selfish. You want to run up more debt.

 

[Lesh]

Why are you being so selfish. You want to run up more debt.

Hey stupid,default would ADD to the debt

 

[Oddball]

You could default on all the debt that the Fed holds, and nothing of consequence would happen....It's not as though they had any real assets on hand in the first place.

 

[sparky]

google >government shutdown<

~S~

 

[Lesh]

You could default on all the debt that the Fed holds, and nothing of consequence would happen....It's not as though they had any real assets on hand in the first place.

That’s a completely stupid statement

 

[kyzr]

That’s a completely stupid statement

There are exactly two options.
1. raise taxes to cover the $2T interest on the Debt
2. default on the Debt and deal with never borrowing another dollar

 

[Oddball]

That’s a completely stupid statement

Where's the Fed's cash reserves?

Spoiler alert: There are none.

 

[Lesh]

There are exactly two options.
1. raise taxes to cover the $2T interest on the Debt
2. default on the Debt and deal with never borrowing another dollar

Or continue as we always do and let inflation take care of the debt like it always does.

And the interest is most definitely NOT 2T

 

[Lesh]

Where's the Fed's cash reserves?

Spoiler alert: There are none.

“ Nothing of consequence would happen”

Idiotic statement

 

[Oddball]

“ Nothing of consequence would happen”

Idiotic statement

It wouldn't....The Fed has nothing to lose if the debt they hold went into default, since they had no cash reserves to lend in the first place.

Just saying that's idiotic shows that you have NFI how the Fed works.

 

[Lesh]

It wouldn't....The Fed has nothing to lose if the debt they hold went into default, since they had no cash reserves to lend in the first place.

Just saying that's idiotic shows that you have NFI how the Fed works.

Hey moron, what happens when our credit rating gets downgraded?

Default would cause that to happen and it HAS consequences