@zerohedge – Total US Debt surpasses $33 trillion for the first time. For those keeping tabs, the US added $1 trillion in debt in three (3) months.
@zerohedge – Total US Debt surpasses $33 trillion for the first time. For those keeping tabs, the US added $1 trillion in debt in three (3) months.
Please make note if you have two functioning brain cells left to rub together: this cannot be solved at the ballot box. They have set out to destroy the West and they are gloriously succeeding. There is only one way to put it to an end: France 1789, anyone?
Now back to work, tax slave.
Exponentially rising debt is a feature, not a bug, of all fiat currencies.
Let me add: Exponentially rising debt is a feature, not a bug, of all fiat currencies and democracies.
Let me add that all currency is fiat. There is no such thing as a gold-back currency, never has been, never will be. Just look at the USD in 1932.
Prior to the early years of the 20th century, gold was money. Any bank notes issued could be redeemed for gold on demand.
They could Dennis until they couldn’t.
They could until countries tried and then they couldn’t. Also from 1928 to 1932 the US government more than doubled its printed currency while it was “gold-backed”. Then in 1933 it forced Americans to turn over their gold to the government. Then it increased the price of gold by 50%. At least when a government just prints money (or issues debt) you know what it’s doing.
Dee Fault — the two most beautiful words in the English language.
— Homer Simpson
As for solutions, no tax scheme can resolve such debt levels. Only the destruction of the dollar will eliminate such debt. Shiny metals, well hidden might ease some of the pain in store for the future.
The USD is in no trouble at the moment for 2 reasons: 1) every other country has printed money at a similar rate or more so the race is full of dogs and 2) the US economy is still #1. If you look at the world’s top 10 economies there simply isn’t a basket of currencies that could replace the USD – unless you trust a China-Russia coalition.
The big problem with fiat debt is it hurts people who can’t convert currency into assets, i.e., the poor working class schmuck.
Is the loan of that size actually repayable?
One generation, two generations, any generation?
What happens when it all comes in due?
Can a country go bankrupt?
What do the lenders confiscate?
It will be interesting to watch in not too distant future.
Oh it is repayable alright, just do a search on Trillion Dollar Coin.
Funny thing … I’ve never taken seriously those who said the American Social Security system is in danger of imminent collapse. Yeah … I’m taking them VERY seriously now …
What better way to kill off all those ollllllld “homophobes” and global warming “deniers” … right? Just starve them to death
Gradually,then all at once.
Could we pay our “debt” with Progressive Body Parts?
After all, me and mine have opposed this idiocy all our lives,but we get the bill and suffer the fall out while those responsible collect gold plated pensions and get to enjoy the wealth they stole while in office.
And from our Uni-Party we can harvest a whole slew of unused body parts..
The spine,the backbone and brains..virgin brains..never engaged in thought..
Hands,unused for any productive motion..
Madame Guillotine shall sing..For…Its our heritage..
Our American cousins will employ the scaffold..dozens at a time?
As we accelerate down the same road as Zimbabwe and Venezuela, our Dear Leaders insist a different destination awaits..