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An Easy to Understand Guide to the U.S. Debt Limit

By Robert on October 5, 2013 10:00 AM | 9 Comments

This was published a few years ago but is still just as applicable today. Sadly.

9 Comments

EBL | October 5, 2013 10:17 AM | Reply

Brilliant and way too true.

old white guy | October 5, 2013 11:33 AM | Reply

I did see that in the past. I would the only things that have changed is the debt is now over 16 trillion and there is no pay down of even 1%. I do not see how this can continue.

oldidiot replied to comment from old white guy | October 5, 2013 11:47 AM | Reply

It will continue until things go smash. Either they'll print money (sorry quantitively ease the money supply) until hyperinflation, or they'll be unable to borrow because of rising interest rates and declare bankruptcy. Probably in reverse order but perhaps both at the same time.

Frank Q. | October 5, 2013 12:14 PM | Reply

Q. How does anyone go bankrupt?

A. Gradually and then suddenly.

peterj | October 5, 2013 1:13 PM | Reply

Another short video on the subject of laughing while you sink.

http://www.youtube.com/watch?v=NOzR3UAyXao

NME666 | October 5, 2013 1:14 PM | Reply

they forgot the "fax machine" in that skit,

JM | October 5, 2013 4:16 PM | Reply

EXCLUSIVE VIDEO: TONY ROBBINS DECONSTRUCTS THE NATIONAL DEBT

http://training.tonyrobbins.com/exclusive-video-tony-robbins-deconstructs-the-national-debt/

Loki | October 6, 2013 1:43 AM | Reply

Remember seeing that a few years ago. It never occurred to me that the US government would continue along the same path. Assuming that hyperinflation occurs, the best thing for one to do would be deeply in debt. Once hyperinflation hits 10,000%, then ones $1 million debt is suddenly a much more manageable $10,000 equivalent in the new currency. That's assuming one has skills which will be in demand in the hyperinflation economy.

The people who are going to be totally screwed are the ones with no marketable or barterable skills, who haven't stocked up on food and other essential items and who don't own their own homes. In short, the LIV's are going to be the hardest hit by the SHTF scenario when it arrives.

Back to reading Thomas Sowells Intellectuals and Society and he made an interesting observation that the majority of the "progressive" elements who's totally screwed up society time and time again had university educations in non-scientific fields. These are the people who are currently unemployed or working at McDonald's resentful that their "education" hasn't landed them that plum snivel service job they expected. One of the priorities in a post-apocalyptic society should be to ensure that absolutely no student loans be available for any arts related university courses. People who have the means to pay for such courses themselves should be free to take them but the concept of going into debt to take a course which will produce no future income should be banished from society.

NeoLuddite replied to comment from Loki | October 6, 2013 12:27 PM | Reply

@Loki:

WRT your comment: "people who are currently unemployed or working at McDonald's resentful that their "education" hasn't landed them that plum snivel service job they expected."

Another issue is the bulging contingent of liberal arts majors within the bureaucracy. These opportunists emerge from the periphery only after the heavy lifting has been done, exerting influence on legislators.

Inevitably dogmatic ideas override pragmatism - After all they do write policy and politician's speeches.

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NeoLuddite: @Loki: WRT your comment: "people who are currently unemployed or read more
Loki: Remember seeing that a few years ago. It never occurred read more
JM: EXCLUSIVE VIDEO: TONY ROBBINS DECONSTRUCTS THE NATIONAL DEBT http://training.tonyrobbins.com/exclusive-video-tony-robbins-deconstructs-the-national-debt/ read more
NME666: they forgot the "fax machine" in that skit, read more
peterj: Another short video on the subject of laughing while you read more
Frank Q.: Q. How does anyone go bankrupt? A. Gradually and then read more
oldidiot: It will continue until things go smash. Either they'll print read more
old white guy: I did see that in the past. I would the read more
EBL: Brilliant and way too true. read more

An Easy to Understand Guide to the U.S. Debt Limit

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9 Comments