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It's not going to happen, at least not the way most people would envision it. Here is something you might not be aware of. 60% of the national debt is owed to the public, both here an abroad. The government owes 40% of debt to itself, via loans between agencies. So it's not like the bank is going foreclose. Remember the treasury can always create more money which of course causes another set of problems.With this level of debt and with this trouble our economy is in the question "will we go bust" turns into "when will we go bust".
What will happen then? I'm too scared to even try to predict.
It will all be blamed on Bush.
Luckily if the United States goes bust, Federal power would revert back to the hands of the States and the people.
Now, if the States and the Federal government both collapse, we have some major problems.
With this level of debt and with this trouble our economy is in the question "will we go bust" turns into "when will we go bust".
What will happen then? I'm too scared to even try to predict.
With this level of debt and with this trouble our economy is in the question "will we go bust" turns into "when will we go bust".
What will happen then? I'm too scared to even try to predict.
Luckily if the United States goes bust, Federal power would revert back to the hands of the States and the people.
Now, if the States and the Federal government both collapse, we have some major problems.
Amazing job reverting back to emotional quackery and evading the rather lucid post made by Flopper. I guess when you start a thread and someone actually doesn't derail it...you have to take matters into your own hands?
Guess what?
The US is the wealthiest nation on earth
We are not going "bust"
With this level of debt and with this trouble our economy is in the question "will we go bust" turns into "when will we go bust".
What will happen then? I'm too scared to even try to predict.
Guess what?
The US is the wealthiest nation on earth
We are not going "bust"
If anyone managed their finances the way government manages it's finances they would certainly go bust. But the big difference between your finances and the government is:
1: The government can never run out money. Why? Because it can create as much as it needs. It usually does this by issuing an IOU to the federal reserve banks who issue the checks. If the government does not payoff these IOU's, they become part of the national debt.
2: The government has an unlimited line of credit. It can borrow as much as it wants. Of course it may have to offer a higher rate of interest.
3. The government never has to pay off it's debt and it never will. It rust refinances by issuing more treasury bills.
As you can see the government can't go bust. It can go on and on with this indefinitely. So who pays the piper? You and I do. Every man women and child in the US pays in the form of higher prices on everything we buy. Government refinancing puts pressure on interest rates. So we all pay more when we borrow money. High interest rates hurt business. The government is only party that's not hurt.