Default on all our credit. Go through a rebuilding period. And then start again from scratch and, like Kmart, come out of it land rich with no debts.
Our country is built off debt. The debt of the Govt is an asset of the people. You should be happy with all the Govt debt. They could always pay it back. But that would require them taxing you all the money you have. Then you'd really be complaining.
LOL So are debt collectors going to come after the US when they start defaulting on loans? Countries can't declare chapter eleven...
Contrary to what many will tell you, the overwhelming majority of the U.S. government's debt is owed to... America.
Think of the world in terms of balance sheets. Here's a nice little visualizer. There is no reason to be worried about the debt right now. We actually should take on more debt. http://econviz.org/macroeconomic-balance-sheet-visualizer/
That makes no logical sense whatsoever. You mean selling our own debt valued in our own currency in return for our own currency is our only option?
It literally is impossible , however clever it may appear over a friendly glass of wine . Apart from the fact that a large part of the debt is owned by your own people , think of reaction if you personally owed 100 people an average of $10000 each . Judge their reaction if you said , " Sorry".Now think about what they would do . And forgetting the Mortuary option , they potentially would do no business with you and refuse any credit ever again under any circumstances . Your Banks would go Chinese and Asian and you would quickly become slaves . Ironically , you can achieve some of the notional luxury of your suggestion by scamming the rest of the world over an extended period by devaluing the currency and foregoing reserve currency status . And that is exactly what is happening already -- the Chinese will support you -- if broadly you do as requested -- and they will buy a huge chunk of your assets -- companies . Your position is far worse than that of Greece and all your top guys know it .
