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1
PeopleUnited
2021 Oct 2, 5:19am
PeopleUnited
2021 Oct 2, 5:19am
Come on man, Obama (er I mean Bidet) said he was going to “Build back better.” It’s going pretty good so far, right?
2
RWSGFY
2021 Oct 2, 8:13am
RWSGFY
2021 Oct 2, 8:13am
You voted for it! Demtards hold the House, the Senate and the Oval Office but can't govern worth shit. Enjoy.
4
DhammaStep
2021 Oct 2, 8:33am
I'm not very well versed on these things so forgive me if I'm off the mark: why has the idea of national debt been so normalized?
To me it's just incredibly obvious if a government takes on debt, it is beholden to the lender and not the citizens. In this case it is the citizens that suffer the greatest for the debt, is it not?
Must be a reason they don't teach this stuff in schools.
To me it's just incredibly obvious if a government takes on debt, it is beholden to the lender and not the citizens. In this case it is the citizens that suffer the greatest for the debt, is it not?
Must be a reason they don't teach this stuff in schools.
5
AmericanKulak
2021 Oct 2, 8:46am
AmericanKulak
2021 Oct 2, 8:46am
DhammaStep says
Things that have been normalized in the past decade:
Fact Checking - tendentious refutation of some claims, while stretching definitions to validate others.
Censoring Political Speech, what liberals used to call "The MOST Protected Speech", by having Private Companies get lucrative Government Contracts in return for Censorship
Transgender Mental Illness
LGBTQ+ Endless Propaganda Everywhere at all Times
Black Supremacy
That America is a deeply Evil Country
White Guilt
Violent and Destructive Protests, as long as from the Left
Medical Tyranny
None of these things happened organically, they were all driven by the Clerisy.
I'm not very well versed on these things so forgive me if I'm off the mark: why has the idea of national debt been so normalized?
Things that have been normalized in the past decade:
Fact Checking - tendentious refutation of some claims, while stretching definitions to validate others.
Censoring Political Speech, what liberals used to call "The MOST Protected Speech", by having Private Companies get lucrative Government Contracts in return for Censorship
Transgender Mental Illness
LGBTQ+ Endless Propaganda Everywhere at all Times
Black Supremacy
That America is a deeply Evil Country
White Guilt
Violent and Destructive Protests, as long as from the Left
Medical Tyranny
None of these things happened organically, they were all driven by the Clerisy.
7
Tenpoundbass
2021 Oct 2, 2:42pm
Tenpoundbass
2021 Oct 2, 2:42pm
HunterTits says
Correct! Just as China is not going to face any real-world consequences for their massive debt.
I have a suspicion that the CCP Xi, allowed all of the uncontrolled RE development that now sits empty. Xi used Capitalism to pad their books, and to print money off of, as the Manufacturing slowed, right around the international debt bomb crisis of the mid 2000's. While the rest of the world was reeling and trying to figure out where their next GDP was going to come from. China Sallied Forth, and cranked out massive Urban centers, and high rise apartments. To which they let them set empty. It was a testament to Capitalism, keeping Communisms afloat. I often wondered why Xi didn't mandate people to live in them, and sort out who gets paid for what, and who owes how much later. But lately it's becoming abundantly clear, why he didn't. He want's it all to default and fail, he wants the Capitalism wing of China, to fall flat on its face so the CCP can say.
"SEE! SEE! Capitalism doesn't work, that is why all of China's banks are failing and all of the RE built in the last 12 years sets vacant.
He and Communism will be the Hero to the Chinese people when they start giving out State owned apartments. The people wont own them, but will have access to them. Right as the global Slowdown is in full swing, and the financial meltdown has everyone in the world doubtful about the future. Xi will blame it all on Capitalism, not that China didn't pay their bills.
1. US is not going to default on its debt. Treasury Dept is still authorized to issue new debt to cover old debt. It just can not issue any more than that because of the debt ceiling. So the debt ceiling is really a spending ceiling. That is why DC politicians & bureaucrats are having heart attacks.
Correct! Just as China is not going to face any real-world consequences for their massive debt.
I have a suspicion that the CCP Xi, allowed all of the uncontrolled RE development that now sits empty. Xi used Capitalism to pad their books, and to print money off of, as the Manufacturing slowed, right around the international debt bomb crisis of the mid 2000's. While the rest of the world was reeling and trying to figure out where their next GDP was going to come from. China Sallied Forth, and cranked out massive Urban centers, and high rise apartments. To which they let them set empty. It was a testament to Capitalism, keeping Communisms afloat. I often wondered why Xi didn't mandate people to live in them, and sort out who gets paid for what, and who owes how much later. But lately it's becoming abundantly clear, why he didn't. He want's it all to default and fail, he wants the Capitalism wing of China, to fall flat on its face so the CCP can say.
"SEE! SEE! Capitalism doesn't work, that is why all of China's banks are failing and all of the RE built in the last 12 years sets vacant.
He and Communism will be the Hero to the Chinese people when they start giving out State owned apartments. The people wont own them, but will have access to them. Right as the global Slowdown is in full swing, and the financial meltdown has everyone in the world doubtful about the future. Xi will blame it all on Capitalism, not that China didn't pay their bills.
8
NuttBoxer
2021 Oct 2, 3:55pm
NuttBoxer
2021 Oct 2, 3:55pm
A default will never happen as long as the central banks exist, because they would be the ones who suffer. By extension, anyone who's built their perception of wealth around federal debt notes, would also be wiped out. But if you are economically responsible, and self-sufficient, or at least capable of surviving for six months, you'll be fine.
The crash would not be anything like any crash ever seen in history. We have surpassed all previous levels of debt by many, many factors. And it WILL happen. When, hard to say, but soon. The replacement is meant to by crypto, but that's at least five years away from being ready.
In practical terms, after the dust settles, no more covid, no more central government, no more wars, no more terrorism, no more police state, no more prisons filled with non-violent offenders. Just you, and me, and the freedom to live our lives.
The crash would not be anything like any crash ever seen in history. We have surpassed all previous levels of debt by many, many factors. And it WILL happen. When, hard to say, but soon. The replacement is meant to by crypto, but that's at least five years away from being ready.
In practical terms, after the dust settles, no more covid, no more central government, no more wars, no more terrorism, no more police state, no more prisons filled with non-violent offenders. Just you, and me, and the freedom to live our lives.
Please do not lose sleep over this possibility. It is as likely to happen as a full-scale nuclear war.
Let us look at the economics of a default. We will start with we consumers all over the world. If we default on our house or apartment loan, it will take six months to one year to kick us out of the place where we live. If we default on our car loan, it would take 90 days before our car was seized. If we defaulted on a major credit card owing a large amount of money (say $10,000 US or more), the credit card company would sue us in court. Eventually, they would get a judgment. In a country like South Africa, such a lawsuit would be a disaster for the consumer. They could even come into your home, take furniture out on the street, and start selling it at bargain-basement prices. Nothing would be exempt. In more civilized countries they could garnish your wages within certain limits to collect the debt. They might put a lien against your house or apartment.
When a nation defaults on its debts, it becomes more problematic. In theory, a sovereign state has certain protections from creditors. The bondholders would go to court and sue the state to collect what was owed on the bonds. Ironically US District Courts in New York City are often the venue for such legal actions. I have personal experience with such a default in the case of Argentina. It takes years for the litigation to be completed. Most bondholders agreed to a settlement of far less than what was owed on the face value of the bonds. Some hedge funds bought a small part of the distressed debt at a low price. They held out for a lot of money and got it. Argentina was blocked from borrowing in international markets until all past sovereign debts outstanding were settled.
The US dollar is the reserve currency of the world. A default on the US debt would be a cataclysmic event. It would set off a panic in financial markets all over the world. Stock market crashes like those seen in 1929-1931 would follow. The US dollar would collapse. It would cause pandemonium in the rest of the world because no other country has a currency prepared to become the reserve currency of the world. Hundreds of thousands of US government workers would get laid off. Unemployment would rapidly rise to Great Depression levels. There would be no ability to pay unemployment benefits to those laid off. Social Security, disability, and Medicare payments would stop. Most chilling to all we normal people, our banks and credit card companies would no longer function. ATM machines would be offline. We could not even pay our bills. Imagine the social unrest that would follow. Soon our electricity and natural gas would no longer be available as power companies failed. Countries around the world would suffer a similar fate.