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  #1  
Old 04-23-2009, 02:37 PM
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Non Sequitur Non Sequitur is online now
 
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Default Bailout a bargain?

True or false?

http://finance.yahoo.com/taxes/artic...t-Is-a-Bargain

I don't know. I can believe some of the money is un-tapped and will likely never be used but I just don't think the taxpayers will get away with no new taxes.

Interesting article, worth the read.
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Old 04-23-2009, 03:10 PM
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Originally Posted by Non Sequitur View Post
True or false?

http://finance.yahoo.com/taxes/artic...t-Is-a-Bargain

I don't know. I can believe some of the money is un-tapped and will likely never be used but I just don't think the taxpayers will get away with no new taxes.

Interesting article, worth the read.
There will 3 options or a combination of 3 options regarding the repayment of the massive federal debt:

1. Default.
2. Raise Taxes to an extremely high level.
3. Massively devalue the currency by simply printing the dollars needed to pay off the debt.

In my opinion, default is not likely as I just don't think that would be politically acceptable to most people. I think that option #2 will be attempted but will end in failure since a massive tax increase will kill the economy, and, thus, the government will be unable to raise enough tax revenue to cover the debt. That leaves option #3, a massive devaluation of the currency as the end result. This will simply wipe out many people's savings and wreak economic havoc, but, unfortunately, it is the most likely outcome.
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Old 04-23-2009, 05:19 PM
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Default of the the national debt is unavoidable.It's just matter of when.I suspect hyper inflation will take the US down , Fasten your seat belts it's going to be a bumpy ride (Thanks Betty)..Quick but Beans , Ammo and Gold...
  #4  
Old 04-23-2009, 08:21 PM
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Default

Quote:
Originally Posted by timd354 View Post
There will 3 options or a combination of 3 options regarding the repayment of the massive federal debt:

1. Default.
2. Raise Taxes to an extremely high level.
3. Massively devalue the currency by simply printing the dollars needed to pay off the debt.

In my opinion, default is not likely as I just don't think that would be politically acceptable to most people. I think that option #2 will be attempted but will end in failure since a massive tax increase will kill the economy, and, thus, the government will be unable to raise enough tax revenue to cover the debt. That leaves option #3, a massive devaluation of the currency as the end result. This will simply wipe out many people's savings and wreak economic havoc, but, unfortunately, it is the most likely outcome.
I figured that out 44 years ago when I was a college freshman majoring in econ. It had to end that way. That was the first econ class I took, 101. The last course I took was "The Economics of The Soviet Union." In that class I learned that our free market capitalistic system was most efficient at allocating resources. That serves a greater purpose than as a medium of exchange. Destroy the currency and the free market you end up with total caos and turmoil.
I also learned why socialist systems always fail-it is because socialism is an attempt to allocate resources based on political whim as opposed to economic principles. Air heads cannot grasp that principle. When a loaf of break is the same price as a new TV it may sink in.
  #5  
Old 04-23-2009, 09:08 PM
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Let's try FDR again , a true socialist..

"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S."
- President F.D. Roosevelt, 1933
  #6  
Old 04-23-2009, 09:39 PM
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Originally Posted by Greg Bell View Post
Default of the the national debt is unavoidable.It's just matter of when..
I think you are probably correct.

But our state will default first - guaranteed!
  #7  
Old 04-24-2009, 02:36 AM
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It would be interesting to see how a default on the national debt would work given more than a third of the the debt is owed to the federal reserve.
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Old 04-24-2009, 06:40 AM
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Originally Posted by Lloyd Bonafide View Post
I think you are probably correct.

But our state will default first - guaranteed!
That's probably correct , however , The Abomination will print money to support bankrupt states till hyper inflation kicks in...Did to buy your beans and ammo???
  #9  
Old 04-24-2009, 06:46 AM
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Originally Posted by Couch Potato View Post
It would be interesting to see how a default on the national debt would work given more than a third of the the debt is owed to the federal reserve.
The debt , or funny play money , that's owed to the Federal Reserve will be forgiven and all debts that were shuffled around the Mickey Mouse government will be wiped clean.The rest of the world will dump US Dollars before the great day which will devalue the dollar on par with the peso.(See 1933 Germany)...Beans $500 per can...Ammo $2 Per round..
  #10  
Old 04-24-2009, 08:05 AM
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Within a period of one or two years we will be in a state of hyperinflation.
It can't be avoided the way the government is printing money.
The only answer for the hyperinflation will be another recession of even greater magnitude. I simply don't see anyway this can be avoided. Short term fixes of the economy by infusing worthless dollars is meant simply to be a quick fix for a rudderless administration which is hoping just to get buy till the next election.
All of this talk about prosecuting interrogators is meant to create a diversion to a serious economic situation.
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