Whats going to happen when America can't borrow anymore money?

[JoeB131]

I am pretty sure that 18 Trillion singles would stretch out way way beyond Pluto.

Let's due the math....

length of dollar bill = 6.14 inches
inches in mile = 63360
dollar bills per mile = 10319.22

distance from earth to pluto = 7.5x10^6 miles
dollar bills between earth and pluto = 7.739415x10^13 = 77.39 trillion

You know, I thought about doing the math to prove him wrong... but then decided against it.

 

[Rexx Taylor]

doesn't HP or Epson make a printer that prints real/legal 100 dollar bills?

 

[SwimExpert]

doesn't HP or Epson make a printer that prints real/legal 100 dollar bills?

If that's what you think, you're dumber than your avatar makes you look. The only real/legal $100 bill is printed on the presses by the US government.

 

[DeenThomas]

It's sounds absurd, but... America will fall! With such debt and without any "support" for currency... No chances. When other countries will say that they will not help us, and when all conflicts will end, America will "end" too.

 

[Freewill]

Don't expect China to bail us out or do much to hurt the US. We are still the big dog and if the US gets sick it would be deadly for China.

And China isn't in that great of shape.

Liquidity evaporates in China as fiscal cliff nears - Telegraph

China is still made up of a majority of peasants who are not advancing because of the communists. They will eventually revolt.

 

[Freewill]

If this site can be trusted then we all can discuss the issue with facts not opinions.

United States National Debt

 

[hangover]

Ok so we're 18 trillion dollars in debt most of which is owed to china. So with the situation in Greece whats going to happen when we can't pay back that debt? I know we are a much bigger country and have a higher GDP but we spend and owe so much money that not even the billions of dollars the government collects in tax is enough , so we end up borrowing more and printing more money which is decreasing the value of the dollar if I'm not wrong. So my question is whats going to happen when we cant borrow anymore money, is the economy going to tank?

ps
What i meant about china is that out of all the countries we owe them the most most money I know that most of our debt is owed to ourselves and how come they say that the coming economic collapse is gonna be 10x worse than the great depression

There's no way the debt will be paid off. It was created by the cons in congress to enslave everyone. If the U.S. defaults on the debt, the whole world economy defaults. That's what happened in 2008, when our economy went in the toilet. Greece, Italy, Spain, Britain, France and Germany and many others economies crashed too, because they are tied to ours.

When the cons were threatening to default on the debt a few years ago, by not paying the interest on the debt with another budget, there was a possibility that Obama would print a few one trillion dollar coins to pay the interest. He could have done it too, but it wouldn't be much different than defaulting.

Ronnie Raygun tripled the national debt. Shrub daddy doubled it again in only four years. Clinton balanced the budget, and Shrub Jr. destroyed it in six months and doubled the debt again, adding more than all POTUS's in history, and he destroyed not only the U.S. economy, but also the global economy. And now the cons try to blame it all on Obama. The GOP is far worse than ISIS to the stability of the world.

 

[suplex3000]

doesn't HP or Epson make a printer that prints real/legal 100 dollar bills?

And it seems to me that everybody knows where this printer is.

Ok so we're 18 trillion dollars in debt most of which is owed to china. So with the situation in Greece whats going to happen when we can't pay back that debt? I know we are a much bigger country and have a higher GDP but we spend and owe so much money that not even the billions of dollars the government collects in tax is enough , so we end up borrowing more and printing more money which is decreasing the value of the dollar if I'm not wrong. So my question is whats going to happen when we cant borrow anymore money, is the economy going to tank?

ps
What i meant about china is that out of all the countries we owe them the most most money I know that most of our debt is owed to ourselves and how come they say that the coming economic collapse is gonna be 10x worse than the great depression

There's no way the debt will be paid off. It was created by the cons in congress to enslave everyone. If the U.S. defaults on the debt, the whole world economy defaults. That's what happened in 2008, when our economy went in the toilet. Greece, Italy, Spain, Britain, France and Germany and many others economies crashed too, because they are tied to ours.

When the cons were threatening to default on the debt a few years ago, by not paying the interest on the debt with another budget, there was a possibility that Obama would print a few one trillion dollar coins to pay the interest. He could have done it too, but it wouldn't be much different than defaulting.

Ronnie Raygun tripled the national debt. Shrub daddy doubled it again in only four years. Clinton balanced the budget, and Shrub Jr. destroyed it in six months and doubled the debt again, adding more than all POTUS's in history, and he destroyed not only the U.S. economy, but also the global economy. And now the cons try to blame it all on Obama. The GOP is far worse than ISIS to the stability of the world.

Thank you for the answer. It's a very good post. But I think that dems and reps play in one team.

 

[Roadrunner]

The left will say it happened because we didn't spend enough...

And blame Bush.

 

[Roadrunner]

Ok so we're 18 trillion dollars in debt most of which is owed to china. So with the situation in Greece whats going to happen when we can't pay back that debt? I know we are a much bigger country and have a higher GDP but we spend and owe so much money that not even the billions of dollars the government collects in tax is enough , so we end up borrowing more and printing more money which is decreasing the value of the dollar if I'm not wrong. So my question is whats going to happen when we cant borrow anymore money, is the economy going to tank?

first, there's never going to be a point where we can't borrow money.

Second, there's a simple enough solution to the debt problem. Make the rich pay their fair share.

Third, Greece has a problem because unlike us, they can't print their own money.

What is the fair share for the 47% that pay no Federal Personal Income Tax?

 

[Roadrunner]

I am pretty sure that 18 Trillion singles would stretch out way way beyond Pluto.

Let's due the math....

length of dollar bill = 6.14 inches
inches in mile = 63360
dollar bills per mile = 10319.22

distance from earth to pluto = 7.5x10^6 miles
dollar bills between earth and pluto = 7.739415x10^13 = 77.39 trillion

Obama is working on the difference as fast as he can get away with it.

Be patient.

 

[SwimExpert]

What is the fair share for the 47% that pay no Federal Personal Income Tax?

You can ask them yourself, if you can catch up to them on the golf course.

 

[Roadrunner]

Don't expect China to bail us out or do much to hurt the US. We are still the big dog and if the US gets sick it would be deadly for China.

And China isn't in that great of shape.

Liquidity evaporates in China as fiscal cliff nears - Telegraph

China is still made up of a majority of peasants who are not advancing because of the communists. They will eventually revolt.

Nah, gumption has been bred out of them.

 

[JoeB131]

What is the fair share for the 47% that pay no Federal Personal Income Tax?

1) That's not an accurate number. YOu have to include children and the elderly to even get there.

2) That 47% still pay Social Security, state income, Medicare, sales, excise and "sin" taxes.

 

[Kondor3]

What will happen?

We will selectively repudiate portions of the debt.

Most of it foreign held.

Oh, and, we'll 'nationalize' any assets that might be seized by overseas interests, just before declaring that repudiation.

We'll hold onto most of the commitment for core social services and core defense needs, and bugger the rest.

The dollar will collapse... fortunes and savings will evaporate... there will be a great wailing and gnashing of teeth... and then the sun will come up again, the next morning.

Some sort of New Dollar will take its place... we will have learned a lesson... we will mend our ways for a generation or two or three... and life will go on.

 

[hangover]

doesn't HP or Epson make a printer that prints real/legal 100 dollar bills?

And it seems to me that everybody knows where this printer is.

Ok so we're 18 trillion dollars in debt most of which is owed to china. So with the situation in Greece whats going to happen when we can't pay back that debt? I know we are a much bigger country and have a higher GDP but we spend and owe so much money that not even the billions of dollars the government collects in tax is enough , so we end up borrowing more and printing more money which is decreasing the value of the dollar if I'm not wrong. So my question is whats going to happen when we cant borrow anymore money, is the economy going to tank?

ps
What i meant about china is that out of all the countries we owe them the most most money I know that most of our debt is owed to ourselves and how come they say that the coming economic collapse is gonna be 10x worse than the great depression

There's no way the debt will be paid off. It was created by the cons in congress to enslave everyone. If the U.S. defaults on the debt, the whole world economy defaults. That's what happened in 2008, when our economy went in the toilet. Greece, Italy, Spain, Britain, France and Germany and many others economies crashed too, because they are tied to ours.

When the cons were threatening to default on the debt a few years ago, by not paying the interest on the debt with another budget, there was a possibility that Obama would print a few one trillion dollar coins to pay the interest. He could have done it too, but it wouldn't be much different than defaulting.

Ronnie Raygun tripled the national debt. Shrub daddy doubled it again in only four years. Clinton balanced the budget, and Shrub Jr. destroyed it in six months and doubled the debt again, adding more than all POTUS's in history, and he destroyed not only the U.S. economy, but also the global economy. And now the cons try to blame it all on Obama. The GOP is far worse than ISIS to the stability of the world.

Thank you for the answer. It's a very good post. But I think that dems and reps play in one team.

They both play the two side against the middle and blame each other...biggest scam the world has ever seen.

 

[Oldstyle]

People, companies, and countries line up to loan us money. Many have the vision of America somehow going to these various lenders and asking for money but the reality is that we sell every bond we create and we do not issue enough to keep up with demand. In answer to the OP, if America's credit ends up bad for some reason I cannot even imagine, it will be because the rest of the world is in far worse shape. Our debt is worrisome but America has still paid every bond ever legally issued in it's name and never really came close to default, not even when republicans did their government shutdown stunt.

Posts like this one...are prime examples why progressives should never be allowed to run things. It's the same kind of fiscal "understanding" that thinks your checking account can't be overdrawn if you still have checks in your checkbook!

 

[g5000]

Ok so we're 18 trillion dollars in debt most of which is owed to china. So with the situation in Greece whats going to happen when we can't pay back that debt? I know we are a much bigger country and have a higher GDP but we spend and owe so much money that not even the billions of dollars the government collects in tax is enough , so we end up borrowing more and printing more money which is decreasing the value of the dollar if I'm not wrong.

Actually, the dollar is getting stronger and stronger right now.

We are the cleanest shirt in a pile of dirty shirts. While our debt is bad, it is nothing compared to the rest of the developed world. There is a currency war on right now. A race to the bottom, and we are losing.

What i meant about china is that out of all the countries we owe them the most most money I know that most of our debt is owed to ourselves and how come they say that the coming economic collapse is gonna be 10x worse than the great depression

Well, for the past six years someone has predicted another crash every five minutes. The law of averages says a doom and gloom prediction will eventually coincide with the next crash.

A wise man once said you can predict what the next crash will be, or you can predict when the next crash will be, but you cannot predict both at the same time.

I will tell you what the next crash will be.

The next crash will be the implosion of the Fed's bond bubble. As interest rates rise, the bonds that were bought during the bubble (ZIRP, QE I, QE II, QE III, QE Infinity, etc.), will suddenly become worth a lot less than the price that was paid for them.

Just like with housing, those bonds will be "underwater".

And just like with the housing bubble, there will be a loud POP! A much bigger pop, too, because the bond bubble dwarfs the housing bubble.

Now...the Fed (Ben Bernake, actually) swore they could handle the collapse of the bond bubble. Helicopter Ben swore with 100 percent confidence (literally) that we would have a soft landing.

Yeah. Just like Bush said we would have a soft landing from the housing bubble collapse. Go figure.

I don't buy it.

There is no way the Fed will be able to sell all those bonds and not lose a shitload of money. In fact, we are going to have to invent a new term because "shitload" won't even approach the disastrous losses of the bond bubble's fallout.

And that's not to mention the derivatives built on the bond bubble.

By the way, those "conservative" funds in your 401k portfolio? Those ones that say they invest in bonds? You better read the fine print. You will find a lot of "conservative" bond funds invest in bond derivatives.

Anyway, that's my guesstimate about the next crash. And I really do pray every day I am very, very wrong.

 

[g5000]

"Markets can remain irrational longer than you can remain solvent.”

Truer words have never been spoken.

 

[Flash]

Moon Bats never worry about paying back money. They think everything is free.