A Possible Way to Eliminate the US Debt?

[Thanatos]

Now, don't go killing me for wondering about this, this is just a hypothetical idea that I've been thinking about. I'm not condoning or condemning it.

The United States, as we know, is suffering pretty badly from fiscal mismanagement. Each day we borrow billions from other countries, just to pay off the accumulating interest on our growing debt. There is no real way to pay this off.

What if the United States just took all of their debts and rendered them null and void? As in, as of right this second, the USA owed $0?

Yes, every other nation would be angry, and they would be completely 100% in their right to be so. It is wrong, but when you think about it, it's the lesser of two evils, the alternative being that the US market collapses, and takes down everyone else with it.

Again, not condoning this, just wondering. Anyone have any thoughts?

[Pious Agnost]

:hmmm:Surely that can't be the way it works?

[El Brujo]

We'd just go right back into debt anyway. This nation no longer has the character, the desire, or the will to live within its means.

[Thanatos]

We'd just go right back into debt anyway. This nation no longer has the character, the desire, or the will to live within its means.

Yes, that's the problem I think. We'd just end up collapsing later, probably.

[Kiljan Arslan]

Not a good idea we'd lose what ever good will we have left what we should do is pay our debts even if we need to increase taxes we should balance the budget or at least put down the debt to maybe only twice what we spend yearly.

[Barry Goldwater]

It kinda sounds like the time Benito Juarez declared a debt moratorium in Mexico...however...if the alternative truly is

the US market collapses, and takes down everyone else with it.

then it would appear we have but one real choice...

[Kiljan Arslan]

so does every nation.

[The Devil's Sergeant]

To do that would be about like this.

[Thanatos]

Too bad there's no law that REQUIRES the nation to have zero debt by the end of the year, that'd be nice.

[Aetius]

Too bad there's no law that REQUIRES the nation to have zero debt by the end of the year, that'd be nice.

Yeah.

Fiscal policy should have been a bigger element of the Constitution.

[Kiljan Arslan]

I'd say only a debt equal to a governments yearly expenditure

[JP226]

Well, yes that would theoretically work, but it would kill the USD. Debt isn't a bad thing necessarily. Alot of the debt we take one, dollar for dollar, means we increase those dollars. For instance, if you're a bank and you take on a thousand dollars in debt and bring in 1100 dollars for it, you make a hundred bucks. Magnify that and that's how our debt works. There are times we borrow too much, but the act of borrowing is not bad in and of itself. Defaulting will cost us many times more.

[Kiljan Arslan]

Yeah alot of debt is GREAT JP just look at Zimbabwe I mean there I'd be a trillionare!

[Banastre Tarleton]

A moratorium on debt is a possible solution, but the banking elites wouldn't be happy.

[Pious Agnost]

Yeah alot of debt is GREAT JP just look at Zimbabwe I mean there I'd be a trillionare!

You have $200 USD?

[Georgy Zhukov]

How about, instead of doing that, we legalize marijuana and tax the crap out of it?

[Kjertesvein]

How about, instead of doing that, we legalize marijuana and tax the crap out of it?

The global illeagal drug market got a retail value of $321.6 billion USD.[2]. Go ahead and see how much it would, if made legal/regulated.

[Kiljan Arslan]

around one thousand dollars in the bank but its for a rainy day.

[Denny Crane!]

That would probably cause incredible financial instability, how about not getting into unreasonable levels of debt. If a country was a person just don't buy that mercedes this year or in terms of a government just don't buy those 5000 abrahams this year.

[Thorn777]

Go berserk on China, Venezuela, Iran and Saudi-Arabia. Like in the TW series: put those troops to use, or else they will eat your budget. Im not even jocking, but I have still some hope left that youll come under the fluffy cloud of Socialism and a NWO with a totally new set of rules. (Maybe I just watched to many bad American movies):hmmm: