U.S. Defaulting on Debt

[T_Won]

World's number one economy for how many years??? Nuff said. Isn't it great that we can argue over petty things like this while people in Ethiopia are literally foraging for food?

You are not saying the Federal Reserve created America's prosperity are you?

[genpop]

You are not saying the Federal Reserve created America's prosperity are you?

It provided stability which is needed to create prosperity. Show me a country that has prospered while their money supply fluctuated wildly in either direction.

[longdawgview]

Good, bi-partisanship is an outdated political practice.



Are you serious? Defaulting on debt would crash the Earth's economy, let alone America's. Case in point, Greece. Until the Greek government decided to accept further funds to keep the country from defaulting, world stock trade was continually dropping in fear of a global depression and economic collapse. That's just Greece. America? Forget about it.

Exactly, think unemployment is high now or your house is not worth as much now, if US defaults. Forget about it.

[saltydawg]

The left is very good at using the Constitution against Americans. If they are going to go that far, I think we should see if the Federal Reserve System is Constitutional or not.

"Congress created the Federal Reserve, yet it had no constitutional authority to do so. We forget that those powers not explicitly granted to Congress by the Constitution are inherently denied to Congress – and thus the authority to establish a central bank never was given." Ron Paul

http://www.tenthamendmentcenter.com/...-constitution/

Y did you hijack the thread, man? We were discussing the "debt ceiling" and its constitutionality when you bring up the Freaking Federal Reserve.

Focus, man, focus.

[dawg80]

Democratic route....spending cuts?????

[brtransplant]

Good, bi-partisanship is an outdated political practice.



Are you serious? Defaulting on debt would crash the Earth's economy, let alone America's. Case in point, Greece. Until the Greek government decided to accept further funds to keep the country from defaulting, world stock trade was continually dropping in fear of a global depression and economic collapse. That's just Greece. America? Forget about it.

Greece WILL default on its debt. Their default has simply been "kicked down the road" for now. Unless out of control entitlements are addressed in this country RIGHT NOW, the US WILL default on its debt as well. I see no way around it, and the longer we put it off, the worse it will be. It would be nice if we all could have everything we want, anytime we want it, but life simply doesn't work that way. Every known empire throughout history has collapsed under the weight of its spending. We can not continue to maintain a military that is capable of projecting its power around the world, while at the same time financing the lifestyles of over half of our population, a half that contributes nothing to society other than dope addicts, criminals, and more welfare dependents. It is simply not a sustainable business plan. Yes, the US Government WILL default on its debt. It is only a matter of time, and it will be very ugly.

[T_Won]

Y did you hijack the thread, man? We were discussing the "debt ceiling" and its constitutionality when you bring up the Freaking Federal Reserve.

Focus, man, focus.

Are you kidding? Could we have this kind of debt without a fiat money system?

[DocMarvin362]

No increase in the debt ceiling without a balanced budget for 2012.

We still lose considerably on the interest with a "balanced" budget. That number will get larger and larger.

Too bad they aren't trustworthy, or you could just put that 5% tariff on the millionaire's and require that it goes strictly to nation debt and the interest. Nothing else.

[LookingForResults]

We still lose considerably on the interest with a "balanced" budget. That number will get larger and larger.

Too bad they aren't trustworthy, or you could just put that 5% tariff on the millionaire's and require that it goes strictly to nation debt and the interest. Nothing else.

"Millionaire's" had no greater part in creating the debt than any other citizen and have no greater responsibility for eliminating it. Further, that "tariff" wouldn't make a dent. As citizens, we all need to be less glib and more thoughtful.

[Allgood]

Greece WILL default on its debt. Their default has simply been "kicked down the road" for now. Unless out of control entitlements are addressed in this country RIGHT NOW, the US WILL default on its debt as well. I see no way around it, and the longer we put it off, the worse it will be. It would be nice if we all could have everything we want, anytime we want it, but life simply doesn't work that way. Every known empire throughout history has collapsed under the weight of its spending. We can not continue to maintain a military that is capable of projecting its power around the world, while at the same time financing the lifestyles of over half of our population, a half that contributes nothing to society other than dope addicts, criminals, and more welfare dependents. It is simply not a sustainable business plan. Yes, the US Government WILL default on its debt. It is only a matter of time, and it will be very ugly.

:bigcry: Thanks, my Friday is now shot and melancholy :bigcry:

[Guisslapp]

May I remind you of the necessary and proper clause....

What does the necessary and proper clause have to do with anything here?

[T_Won]

What does the necessary and proper clause have to do with anything here?

It was used to determine that central banking is constitutional.

[Guisslapp]

It was used to determine that central banking is constitutional.

John Marshall is a toad. He single-handedly destroyed our Constitution.

[genpop]

John Marshall is a toad. He single-handedly destroyed our Constitution.

Yeah that destroyed constitution sure has provided a decent lifestyle for you hasn't it? BTW, What will YOU be doing on July 4th?

[Guisslapp]

Yeah that destroyed constitution sure has provided a decent lifestyle for you hasn't it? BTW, What will YOU be doing on July 4th?

The destroyed Constitution didn't provide a decent lifestyle for me. I have provided a decent lifestyle for me. I will be working on the 4th.