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So what does a country do once its bankrupt?

Mr.Fitnah

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Mr.Fitnah

Mr.Fitnah

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saveliberty

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1. Have the media ignore it.
2. Allow the government to expand programs as long as they can.
3. Make budget adjustments to show reductions in future budgets.
4. Print money faster.
5. Keep the public blissfully ignorant by keeping things business as usual.
6. Consider it part of the general welfare clause that all Americans have a right to money.
 
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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???

Perhaps because it was a moronic statement and an attempt to derail the topic so you can whine about Iraq and Afghanistan. It is a typical leftist response.... put your hands over your ears and say 'lalalalalalalalala' really loud so you don't let any facts seep into your head.
 

Dr.Traveler

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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.
 

Murf76

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We're fucked. In ten year's time, just the interest on our national debt will be 900 Billion per year. And that's without Obamacare. we've already got 700 Billion going overseas for foreign oil. The asshole won't let us drill. And nothing's been done about the entitlement spending we already have which is breaking us. We've got two-thirds of the federal budget out in non-discretionary spending.

We're in danger of losing our AAA rating, and if we do... interest rates are going to have to go up, which means paying even MORE interest out each year. And when we can no longer keep up, there's nothing left but printing money and hyperinflation.

Obama and his Loony Tunes in Congress have dicked around for an entire year on healthcare... meanwhile back at the ranch, the house is on fire.
 

boedicca

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The most likely scenario:

Bankuptcy destroys the value of the currency, launching the country into an irreversible decline.
 

MaggieMae

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I used to see the debt clock posted many times and it's always shocking. But I do wonder why certain people are only suddenly "shocked" by it and had such a ho-hum attitude before now?
 

MaggieMae

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1. Have the media ignore it.
2. Allow the government to expand programs as long as they can.
3. Make budget adjustments to show reductions in future budgets.
4. Print money faster.
5. Keep the public blissfully ignorant by keeping things business as usual.
6. Consider it part of the general welfare clause that all Americans have a right to money.

Or, we could do what Clinton and the Republicans did and that was pare down spending and raise taxes. What a concept. While today's cons want the first part, they want nothing to do with the second.
 

MaggieMae

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MaggieMae

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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???

Perhaps because it was a moronic statement and an attempt to derail the topic so you can whine about Iraq and Afghanistan. It is a typical leftist response.... put your hands over your ears and say 'lalalalalalalalala' really loud so you don't let any facts seep into your head.

I've never once seen a thread that didn't get derailed by someone. You just can't take it when your people aren't the ones doing it.
 

Toro

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The United States will not default on its debt. It would destroy the international financial system if it did. We all saw what happened during the financial crisis. That would be a cakewalk if the US defaulted.

Instead, the US will most likely inflate away its debt, as it did after WWII. It will also change social security and medicare, reducing the total amount of liabilities of the government.
 

xsited1

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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.
 

MaggieMae

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We're fucked. In ten year's time, just the interest on our national debt will be 900 Billion per year. And that's without Obamacare. we've already got 700 Billion going overseas for foreign oil. The asshole won't let us drill. And nothing's been done about the entitlement spending we already have which is breaking us. We've got two-thirds of the federal budget out in non-discretionary spending.

We're in danger of losing our AAA rating, and if we do... interest rates are going to have to go up, which means paying even MORE interest out each year. And when we can no longer keep up, there's nothing left but printing money and hyperinflation.

Obama and his Loony Tunes in Congress have dicked around for an entire year on healthcare... meanwhile back at the ranch, the house is on fire.

(1) Obama allows offshore oil drilling in Alaska

(2)
The agency said a downgrade did not appear imminent and expressed confidence that the four countries would come to grips with their fiscal problems. Germany, the report said, has included a new debt provision in its laws, and the United States has established a commission on spending reform...

In economically healthier European countries such as Germany, France and Great Britain -- as well as the United States -- policymakers face a no-less urgent quandary, Moody's said, as they craft an "exit strategy" for the emergency programs adopted in response to the economic crisis.

washingtonpost.com

My problem with the constant THE SKY IS FALLING people is that they only look at situations half-way, take an old news story and pretend it's still alive or something new, and of course try to imply that Obama just woke up one morning and said "I think I'll try to bankrupt the country today..."
 

MaggieMae

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The most likely scenario:

Bankuptcy destroys the value of the currency, launching the country into an irreversible decline.

It's almost as though you people HOPE the country will fail. That way, you could smugly proclaim yourselves "winners."
 

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